Re: Tax Saving Plan...
Hi Ankit,
I don't think there is a better option than mutual funds for saving tax ( assuming better returns.)
Apart from Magnum tax fund - for diversification , Assuming the large cap exposure you had with magnum fund, i would suggest
20000 - Index fund
20000 - Sundaram Midcap
10000 - Any small cap fund. ( They are considered risky, so have small exposure.)