Deduction for Equity Linked Savings Scheme allows tax relief for specified mutual fund investments; repurchase proceeds treated as taxable income. Insertion of a deduction for investments made under an Equity Linked Savings Scheme allows eligible assessees (individuals, Hindu undivided families, and certain associations of persons or bodies of individuals) to deduct specified amounts invested in units of designated Mutual Funds or the Unit Trust of India in computing total income. Amounts returned to the assessee by repurchase or on plan termination after a deduction has been allowed are treated as the assessee's income of that year and are chargeable to tax; analogous treatment applies on partition or dissolution.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for Equity Linked Savings Scheme allows tax relief for specified mutual fund investments; repurchase proceeds treated as taxable income.
Insertion of a deduction for investments made under an Equity Linked Savings Scheme allows eligible assessees (individuals, Hindu undivided families, and certain associations of persons or bodies of individuals) to deduct specified amounts invested in units of designated Mutual Funds or the Unit Trust of India in computing total income. Amounts returned to the assessee by repurchase or on plan termination after a deduction has been allowed are treated as the assessee's income of that year and are chargeable to tax; analogous treatment applies on partition or dissolution.
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