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of <h1>Section 88A: Rebate on Investments in Equity Shares or Mutual Funds, Reversed if Sold Within 3 Years</h1> Section 88A of the Income Tax Act, 1961, provided a rebate for individuals or Hindu undivided families investing in certain new equity shares or mutual fund units. The rebate was 20% of the investment cost, subject to conditions such as a subscription period and a maximum investment threshold of 25,000 rupees. The eligible investments had to be in public companies involved in specific businesses like construction or finance, and the shares had to be offered to the public before April 1, 1991. If the shares or units were sold within three years, the rebate was reversed and added to the tax payable. This section was omitted in 1996, effective from April 1, 1994.
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