Rajiv gandhi equity scheme

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2012 CBDT has issued guidelines vide Notification No. 51/2012 for the Rajiv Gandhi Equity Scheme as announced in Budget. According to it, if an existing person who is already having a demat acoount and is having transactions in his demat account is not an eligible investor for the scheme. Now the query is that

(1) if such person opens a new seperate demat account in his name, does he/she becomes an eligible investor.

(2) If he/she closes all his/her existing demat a/c's and opens a new demat account in his/her name then does he / she becomes an eligible investor for the scheme?

Please give opinion in both the cases seperately.

CA Manish

CA Manish (Expert)
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07 December 2012 new retail investor can avail this deduction

. New retail investor means a person who has not traded stock or in derivatives before announcement of this scehme , though he may have opened a Demat account before schme announcement .

Therefore in both the cases ans will be no.

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