Income-tax Act, 1961
Section - 80CCG - Deduction in respect of investment made under an equity savings scheme
Deduction in respect of investment made under an equity savings scheme. 80CCG. (1) Where an assessee, being a resident individual, has, in a previous year, acquired listed equity shares or listed units of an equity oriented fund in accordance with a scheme, as may be notified by the Central Government in this behalf, he shall, subject to the provisions of sub-section (3), be allowed a deduction, in the computation of his total income of the assessment year relevant to such previous year, of fifty per cent of the amount invested in such equity shares or units to the extent such deduction does not exceed twenty-five thousand rupees.(2) The deduction under sub-section (1) shall be allowed in accordance with, and subject to, the provisions of this section for three consecutive assessment years, beginning with the assessment year relevant to the previous year in which the listed equity shares or listed units of equity oriented fund were first acquired. (3) The deduction under sub-section (1) shall be subject to the following conditions, namely:-
| (i) | - | the gross total income of the assessee for the relevant assessment year shall not exceed twelve lakh rupees; |
| (ii) | - | the assessee is a new retail investor as may be specified under the scheme referred to in sub-section (1); |
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