How can I join Rajiv Gandhi equity scheme?

Posted on by Dominique Stacey

How can I join Rajiv Gandhi equity scheme?

  1. Open a new demat account with any DP of NSDL.
  2. If you already have a demat account and you are eligible, designate your demat account under RGESS.
  3. To designate your demat account under RGESS, submit a declaration in Form A to your DP.
  4. Start investing.

What is 80CCG exemption?

Deduction under Section 80CCG Individuals with a valid Demat Account who haven’t indulged in equity or derivative transactions are entitled to a 50% deduction on their investment, subject to a maximum investment of Rs 50,000. This, in essence means that investments upto Rs 50,000 can get a 50% tax deduction.

Is 80CCG still valid?

Note : Deduction under section 80CCG has been discontinued starting from 1st April 2017. The Rajiv Gandhi Equity Savings Scheme was introduced in Budget 2012. This deduction was over and above the 80C deduction available to individuals.

Is Rgess discontinued?

Ans: No, RGESS had been discontinued during the Union Budget 2017 and as such, the tax deduction is no longer applicable to any equity savings scheme.

What comes under 80CCG?

Under Section 80CCG, a deduction of upto ₹50,000 being on their initial investment. (50% of the total investment amount, maximum upto ₹50,000/-. Note: Due to lack of mass adoption, this scheme was phased out post 1st April 2017.

How can I save tax on my salary?

Save Income Tax on Salary

  1. Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
  2. Medical Expenses.
  3. Home Loan.
  4. Education Loan.
  5. Shares and Mutual Funds.
  6. Long Term Capital Gains.
  7. Sale of Equity Shares.
  8. Donations.

What is the best tax saving scheme?

Best Tax-Saving Investments Under Section 80C

Investment Returns Lock-in Period
Public Provident Fund (PPF) 7%-8% 15 years
Sukanya Samriddhi Yojana 8.5% N/A
National Savings Certificate 7%-8% 5 years
Senior Citizen Saving Scheme 8.7% 5 years

How can I reduce my taxable income in India?

Here’s a list of popular investment options to save tax under section 80C.

  1. Public Provident Fund.
  2. National Pension Scheme.
  3. Premium Paid for Life Insurance policy.
  4. National Savings Certificate.
  5. Equity Linked Savings Scheme.
  6. Home loan’s principal amount.
  7. Fixed deposit for a duration of five years.
  8. Sukanya Samariddhi account.

Is ELSS covered under 80CCG?

Yes you can. The tax deduction for RGESS is u/s 80CCG and it is over and above Rs. 1.5 lakh limit specified under Section 80C. Further, it is not mandatory for citizens to exhaust the limit of Rs 1.5 lakh specified under Section 80C to make investments under Section 80CCG for RGESS.

What is the locking period for NPS?

Lock-in: 3 years (For Government Employees). No lock-in for private sector employees. Returns: Depends on the asset allocation and pension funds chosen by you.

What are equity savings scheme?

Equity saving scheme is a hybrid mutual fund scheme that invests at least 65% of its assets in equity and 10% of its assets in debt securities. According to SEBI regulations, the fund can invest in equity and equity related instruments, debt securities, and arbitrage opportunities using hedging strategies.

Who is eligible to invest in RGESS scheme?

The Scheme is open for all New Retail Investors who have gross total income less than or equal to Rs. 12 lakh. Where to invest? You can invest in eligible securities. Eligible securities considered for RGESS investment are:

Which is the latest tax saving scheme in India?

Rajiv Gandhi Equity Savings Scheme or RGESS is the latest equity tax advantage savings scheme available for equity investors in India, with the sole purpose of “motivating small investors to invest their savings in the domestic capital markets.”

Which is the main motive of RGESS scheme?

The main motive of RGESS is to encourage the investment of savings by the small investors in the domestic capital market.

Which is the limit of RGESS in Saraswat Bank?

If the investor is eligible for RGESS scheme as per SEBI guidelines, Saraswat Bank will sent the Client Master List. The client can then invest in RGESS eligible securities with a maximum limit of Rs. 50,000/- to claim the tax benefit, which will be automatically locked in his Demat account.