Can I invest Rs 50,000 in L&T India Value Fund?

I am focusing on mutual funds for long-term wealth creation. I have started SIPs worth Rs 2,000 in five tax saving ELSSs. They are Axis Long Term Equity Fund, DSP BlackRock Tax Saver Fund, IDFC Tax Advantage (ELSS) Fund, Aditya Birla Sun Life Tax Relief 96 Fund and L&T Tax Advantage Fund. I am planning to invest a lumpsum of Rs 50,000 in L&T India Value Fund (G) and Motilal Oswal Multicap 35 Fund. I need some suggestions regarding these funds. If you can suggest any extra schemes, you are welcome. Although too many schemes may be a little unmanageable.
-- Jahid Ahmed

Shweta Jain, founder & CEO, Investography, responds:

Two schemes are good enough for tax saving purposes. DSPBR Tax Saver and IDFC Tax Advantage are good schemes.

I would recommend investing in a liquid fund and starting an STP, or Systematic Transfer Plan, to invest in equity funds. Motilal Oswal Multicap 35 Fund and L&T India Value Fund are good and you can invest in them. But I would recommend IDFC Sterling Equity Fund instead of L&T India Value Fund.