Rebate for investment in new shares or units reduces income-tax subject to eligibility, holding and subscription conditions. Rebate allowed by reducing income-tax where an individual or Hindu undivided family acquired eligible equity shares or specified mutual fund or Unit Trust units out of taxable income, subject to a ceiling on aggregate qualifying cost, conditions as to public offer or specified reservations or underwriter purchases, prescribed qualifying activities and approvals for the issuing company, temporal subscription restrictions, and a clawback converting earlier rebates into tax if qualifying shares or units were sold or transferred within the prescribed retention period.