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<h1>Equity savings deduction under the RGESS provides limited tax relief for new retail investors subject to income and lock in conditions.</h1> 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.