Rgess

Save Share

This query is : Resolved

Rajkumar Hudati (Querist)

15 December 2012 Dear Sir,
I had one demat A/C which was opened in year 2008 and closed the same in the year 2009. Again in Sept. 2012, I have opened a new demat account and purchased some equity shares on 18.10.2012. Can anybody tell whether I will get exemtion for investment in specifed shares on 18.10.2012 and onwards as per Rajiv Gandhi Equity Savings Scheme/80CCG?

Thanks & regards
Rajkumar Hudati

@VaibhavJ

@VaibhavJ (Expert)

15 December 2012 Hi

Yes exemption is available, since its assumed that you have not done any investment in earlier years.

Other conditions are as follows:

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied:
(a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident)
(b) His gross total income does not exceed Rs. 10 lakhs;
(c) He has acquired listed shares in accordance with a notified scheme;
(d) The assessee is a new retail investor as specified in the above notified scheme;
(e) The investor is locked-in for a period of 3 years from the date of acquisition in accordance with the above scheme;
(f) The assessee satisfies any other condition as may be prescribed.

Thanks//Vaibhav
Revert for more clarity.
Click thank button to convey your appreciation.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now