Rajiv gandhi equity saving scheme..

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Sumiti Jain (Querist)
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01 November 2012 Under this scheme it is stated that there should be direct investment in equity and u should be new Investor.

What does it means?

and second que. is this, this scheme is for those persons whose income is upto Rs. 10 Lakh. If anybody is receiving his Arrear in this F.Y. and only then his income exceeds Rs. 10 Lakhs i.e. due to Arrears. Then is this scheme beneficial for such person?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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01 November 2012 Direct Investment Means Throgh IPO or FPO.
Not Through Secondary Market That is From Brokers We Buy n Sell.

Next is See Income Taxable for This.
If Your Income Exceed 10 Lacs Including Receiving Arrears, (Except Not Taxable in Last Years) Then Exemption Cant be Applied.

Sumiti Jain

Sumiti Jain (Querist)
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03 November 2012 Thanks CA Ayush Agarwal, but i need more info...
Kindly tell me regarding what does it mean that u should be a new investor...
If client has already a Demat A/c and he has traded in shares before 3 or 4 year back then what will be the effect? and whether mutual fund or SIPs are included in it?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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03 November 2012 If At any time Traded in Shares Either by Primary Market or Secondary Market, Then Exemption Cant be Availed.

& Mutual Fund & SIP are Not Included, Only Simpally Equity Shares Only.

Thats Why Its Not Much Benefit for Assesse since Most of The Assessee Already in This Share Investment.

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Sumiti Jain

Sumiti Jain (Querist)
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07 November 2012 Thanx CA Ayush for this valuable info

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