Dear Experts
As per sec. 80CCG if a new retail investor whose gross total income for the relevant assessment year does not exceed Rs. 12 lakh will be allowed 50% deduction subject to maximum limit of Rs. 25000. Deduction under this section shall be allowed for 3 consecutive assessment years.
Now my question is:
1. Whether an investor who is already having d-mat account can avail this benefit by opening a new d-mat account?
2. If a person invests Rs. 50000 only once than will he be eligible for deduction of Rs. 25000 for 3 consecutive years without makint further investment in the subseding years. I mean just by investing Rs. 50000 once will an investor get benefit of Rs. 25000*3= 75000.
CAclubindia
