Equity savings deduction under the RGESS provides limited tax relief for new retail investors subject to income and lock in conditions. Deduction under the Rajiv Gandhi Equity Saving Scheme grants resident new retail investors a percentage deduction on investment in listed shares or notified equity oriented fund units, in addition to Chapter VIA, subject to a gross total income cap, a mandatory lock in under the notified scheme, an absolute deduction cap, and limitation to consecutive assessment years starting with the year of acquisition; failure to meet conditions causes the deduction to be deemed income.