Section 80CCG of ITA, 1961 : Section 80Ccg: Deduction In Respect Of Investment Made Under An Equity Savings Scheme
ITA, 1961
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Explanation using Example
Imagine that Mr. Sharma, a resident individual with a gross total income of ₹10 lakhs for the assessment year 2016-17, decides to invest in the stock market. He learns about a government scheme aimed at encouraging new investors to invest in the equity market. Under this scheme, he invests ₹40,000 in listed equity shares. According to Section 80CCG of the Income-tax Act, 1961, Mr. Sharma is eligible for a deduction because:
- His gross total income does not exceed ₹12 lakhs.
- He is a new retail investor as specified under the notified scheme.
- He has invested in listed equity shares specified under the scheme.
- He agrees to ...
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