At at the outset, it needs to be clarified that the basis of investment is not tax efficiency. Investment should be done as per your objectives, risk appetite, horizon, suitability, etc. Having said that, tax efficiency is relevant to enhance the net take-home returns from your investments. Since long-term capital gains (LTCG) and indexation benefit have been taken away from debt funds from April 1, 2023, a section of investors is looking favourably at hybrid funds. Certain hybrid funds are not as volatile as equity but enjoy the taxation of equity. For a holding period of more than a year, in the growth option of the fund, the tax rate is 10 per cent plus a surcharge and cess, for capital gains of over `1 lakh per financial year. There are six categories of hybrid funds. Of these six, the ones that enjoy equity taxation are: (a) aggressive hybrid fund, arbitrage fund and equity savings hybrid fund by definition; and (b) balanced advantage fund and multi-asset allocation fund, provided they maintain more than 65 per cent in equity, which they usually do. So the question is, if you...