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Rajiv Gandhi Equity Savings Scheme (80-CCG)
Rajiv Gandhi Equity Savings Scheme (80-CCG)
What is RGESS?
Rajiv Gandhi Equity Saving Scheme (RGESS) is a new initiative by the government of India aimed at encouraging first time investors to channelize their savings into the capital markets As an incentive, a one-time deduction will be available to the new retail investor on the 50% of the amount invested in eligible securities in the financial year, subject to maximum investment limit of Rs 50,000 For the purpose of claiming benefit under RGESS, the investor needs to invest in select approved securities as notified by the government
has opened a demat account before the notification of the Scheme but has not made any transactions in the equity segment or the derivative segment till the date of notification of the Scheme who is not the first account holder of an existing joint demat account shall be deemed to have not opened a demat account
Deduction available only once for every individual Automatic lock-in of securities during first year. No sale or pledge or hypothecation permitted during this period
Lock-in Period Flexible lock-in for next two years where the investor may sell the securities, subject to conditions as specified by the tax department
Further Details
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