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RGESS Scheme for Tax Saving under Section 80CCG
Recently, Government of India has offered its citizens a new equity tax advantage savings scheme under the name Rajiv Gandhi Equity Savings Scheme or RGESS. Presently, around 10mutual fund houses offer this product.
However, it is exclusively for the first time retail investors in securities market with an objective to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market.
First time retail investor can be any individual who has not opened a demat account and has made no transactions in the derivative segment as on the date of notification of the scheme. Further, any individual who has opened a demat account before the notification of the scheme butmade no transactions in the equity or the derivative segment till the date of notification will also be considered as first time retail investor in stock markets.
Regarding the same, a new section 80CCG under the Income Tax Act on deduction in respect of investment under and equity savings scheme has been introduced to give tax benefits to new retail investors.
But there is a limitation of investments. The upper cap of investment through RGESS is fixed at Rs 50,000. Further, only those tax- payers can opt for this scheme whose gross total annual income is either less or equal to Rs 12 lakhs.
Under this scheme, the investor gets a 50 per cent deduction of the amount invested from the taxable income for that year. The new retail investor may invest in one or more financial years in a block of three consecutive financial years beginning with the initial year. Gains, out of investments in RGESS, can be realized after a year.
Investments are allowed to be made in instalments in the year in which the tax claims are filed. Dividend payments are tax free.
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