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        Case ID :
        Income Tax

        Mr A, new retail investor has invested in listed equity share/units of equity oriented fund of Rajiv Gandhi Equity Savings Scheme. Calculate the amount of deduction u/s 80CCG for the following years.

        13 August, 2015

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        Chapter No. 09 - Deduction u/s 80CCG

        Previous year 2013-14:

        Listed Equity shares: 15,000

        Units of equity oriented fund: 45,000

        Gross total income: 11,50,000.

        The amount of deduction is 50% of (15,000 + 45,000) = 30,000 but restricted to 25,000

         

        Previous year 2014-15:

        Listed Equity shares: 42,000

        Sale of all units of equity oriented fund purchased in P.Y 2013-14: 60,000

        Gross total income: 11,75,000.

        The amount of deduction is 50% of (42,000) = 21,000.

        Amount liable to tax (on account of violation of condition): 50% of 45000 = 22,500

         

        Previous year 2015-16:

        Listed Equity shares: 30,000

        Units of equity oriented fund: 12,000

        Gross total income: 12,25,000.

        The amount of deduction is NIL since Gross total income exceeds 12,00,000

        Deduction under 80CCG limited by eligible investment percentage and income threshold, with recapture on scheme violation. Deduction under the Rajiv Gandhi Equity Savings Scheme is computed as a percentage of eligible investments in listed equity shares and equity oriented fund units but is restricted by a monetary ceiling; sale of previously qualifying units can breach scheme conditions and cause partial recapture as taxable income; exceeding the prescribed gross total income threshold disqualifies the taxpayer from claiming the deduction for that year.
                        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 under 80CCG limited by eligible investment percentage and income threshold, with recapture on scheme violation.

                              Deduction under the Rajiv Gandhi Equity Savings Scheme is computed as a percentage of eligible investments in listed equity shares and equity oriented fund units but is restricted by a monetary ceiling; sale of previously qualifying units can breach scheme conditions and cause partial recapture as taxable income; exceeding the prescribed gross total income threshold disqualifies the taxpayer from claiming the deduction for that year.


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