Rgess

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2015 As per Sec. 80CCG of the Income-tax Act, deduction shall be allowed 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.

I have availed deduction of Rs. 25,000 u/s 80CCG in A.Y.’s 2013-14, 2014-15 & 2015-16 by investing Rs. 50,000 in each of the financial year. Now whether I can invest further in F.Y. 2015-16 (A.Y. 2016-17) in RGESS and avail benefit u/s 80CCG in A.Y. 2016-17?

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2015 One of the conditions of section 80CCG is

"the assessee is a new retail investor as may be specified under the scheme referred to in sub-section (1)"

You are now NO MORE a NEW retail investor in the financial year 2015-16.

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