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      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

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