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The paper analyse the various tax savings mutual fund investment avenues available to investors. Equity Mutual Funds are one of the important means of pooling risk capital from small investors. ELSS funds are open-ended, diversified equity schemes offered by mutual funds in India. They offer tax benefits under the Section 80C of Income Tax Act 1961. Like all investment, they also carry certain risks. In this paper an attempt has been made to analyse bibliographic review of the risk and return of various mutual fund schemes. For this purpose, performance measures suggested by Sharpe, Treynor and Jenson is being used. And the best performing ELSS scheme of mutual fund is being suggested.