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Rajiv gandhi equity saving scheme

Tax planning 809 views 1 replies

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?

Replies (1)

diksha nagar

Article Assistant

37 Points Joined September 2012

1. As per your first query, New Investor states that any resident individual, who has not opened a demat account and has not made any transactions in the derivative segment as on the date of notification of the scheme, will fall under the definition of ‘new retail investor’.

Also, any individual who has opened a demat account before the scheme’s notification, but has not made any transactions in the equity segment or the derivative segment till the date of notification, will be considered as ‘new retail investor’.

2. As per your second query, you can't enjoy this scheme for the financial year when you recieve arrear income, person can enjoy this scheme only when his total income upto 10 lakh, not exceeds to it.

Thanks

Diksha