Mutual funds sport 'Rajiv Gandhi Equity Savings Scheme' tag to tap tax-saving season flows

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PTI: New Delhi, Feb 04 2013, 14:05 IST

permissible for claiming deduction in a year is Rs 50,000.

The deduction will be available only from the total income of the assessment year relevant to the previous year in which the investment in eligible schemes is made.

As per RGESS, an investor who has claimed the benefit in any assessment year under any RGESS scheme cannot claim this benefit again under that or any other RGESS scheme in any other assessment year.

Government has said RGESS will not only encourage the flow of savings and improve the depth of domestic capital markets, but also aim to promote an 'equity culture' in India.

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Reader's Comments (1)| Post a Comment

Doesn't really save a lot

Kiran | 22-Feb-2013Reply | Forward

I was quite excited by RGESS's announcement, as I've been wanting to start investing for some time. but once i looked into it properly, i realised that despite the lock in period, the tax benefits you get isn't really a lot. Some 5000 rupees, which makes me wonder if it's really worth all the hype. if you know your tax bracket, put the values in here http://sensibull.com/rgess and see how much it'll save you. not a lot, i tell you.