Can I invest in another ELSS next year?

I have started investing in an ELSS (Franklin India Taxshield Fund) this year. Is it advisable to start another ELSS next year? I am thinking of investing in DSP BlackRock Tax Saver Fund.
--Ashley Valentine

You have not mentioned how much you are investing every year to save taxes under Section 80C of the Income Tax Act. As you might know, investments in ELSS qualify for a tax deduction of up to Rs 1.5 lakh every financial year. If you are investing a large amount every year, you may divide your investments between two schemes. If you are investing a small amount, it is better to stick to just one scheme. Both Franklin India Taxshield Fund and DSP BlackRock Taxsaver Fund are part of our recommended ELSS list.