Question

Consider the following statements:

Which of the above statements is/are correct

• A. 1, 2 and 4 Only
• B. 2 and 3 Only
• C. 1, 3 and 4 Only
• D. All of these

Answer 1

The correct option is A

1, 2 and 4 Only

Rajiv Gandhi Equity Saving Scheme (RGESS), is a tax saving scheme designed exclusively for the first time retail / individual investors in securities market, who invest up to Rs. 50,000 in a year and whose annual income is below Rs. 12 lakh. The investor would get a 50% deduction of the amount invested from the taxable income for that year. This benefit is available for the first three consecutive years for the new investor. The scheme will not only encourage the flow of savings and improves the depth of domestic capital markets, but also aims to promote an equity culture in the country.