Equity savings deduction for new retail investors conditioned on demat designation and multi year lock in compliance. The Rajiv Gandhi Equity Savings Scheme provides a deduction to qualifying new retail investors for investments in specified eligible securities, subject to demat account designation, PAN submission and declaration in Form A. Investments made within a block of three consecutive financial years from the initial year qualify for deduction up to the Scheme limit per year, are subject to a three-year fixed lock-in followed by a two-year flexible lock-in with prescribed compliance-day and valuation rules, and face taxability of previously allowed deductions if Scheme conditions are contravened.
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.
Equity savings deduction for new retail investors conditioned on demat designation and multi year lock in compliance.
The Rajiv Gandhi Equity Savings Scheme provides a deduction to qualifying new retail investors for investments in specified eligible securities, subject to demat account designation, PAN submission and declaration in Form A. Investments made within a block of three consecutive financial years from the initial year qualify for deduction up to the Scheme limit per year, are subject to a three-year fixed lock-in followed by a two-year flexible lock-in with prescribed compliance-day and valuation rules, and face taxability of previously allowed deductions if Scheme conditions are contravened.
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