Equity Linked Savings Scheme, 2005

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.... 1961) (b) assessee means:- (i) an individual; or (ii) a Hindu undivided family; or (iii) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and Union Territories of Dadra and Nagar Haveli and Daman and Diu by whom, or on whose behalf, investment is made; (c) investment means an investment in Units of the Unit Trust or a Mutual Fund by an assessee under a plan formulated in accordance with this scheme; (d) Mutual Fund means any Mutual Fund specified under Clause (23-D) of section 10 of the Act; (e) plan means any plan formulated in accordance with this scheme; (f) Unit Trust means the Admi....

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....sferred, assigned or pledged after three years of its issue. 5. Investment of Equity Linked Saving Funds:- (a) The funds collected under a plan shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within a period of twelve months. (b) It shall be ensured that funds of a plan shall remain invested to the extent of at least eighty per cent. in securities specified in clause (a). The Unit Trust and M....