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Rajiv Gandhi Equity Scheme

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hamlin
11 diapositives · 281 Views · Jul 13, 2014

The Rajiv Gandhi Equity Savings Scheme (RGESS) was introduced to promote small investor participation in the Indian capital market. Eligible individuals include those with an annual income of Rs 10 lakh or less who have never invested in equities before. Investors can claim tax deductions for contributions up to Rs 50,000, with specific lock-in periods and rules governing the trading of equities. This guide outlines investment procedures, tax benefits, and important conditions to assist new investors in navigating the RGESS framework effectively.

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Rajiv Gandhi Equity Scheme
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  1. Rajiv Gandhi Equity Scheme

  2. Objective • Rajiv Gandhi Equity Savings Scheme has been launched with the objective of encouraging savings of small investors in the domestic capital market

  3. Who can invest? • Anybody who has not invested in equities before and has a gross total annual income of Rs10 lakh or less. • Which means, you have not opened a demat account in the past. • You have not made any transactions in equity and derivatives in the past (until November 23, 2012.) • a new demat account as the 1st holder and invest in RGESS.

  4. Who can invest? • If you do have a demat account but have not done equity or futures and options transaction in the past (until November 23, 2012), you can invest in RGESS. • If you are a joint demat account holder (2nd or 3rd account holder), you can open

  5. How much? • You can make any amount of investments, but the amount eligible for an income tax deduction is a maximum amount of Rs 50,000.

  6. How to invest • To invest in RGESS, you will need to open a demat account. You will also have to fill in declaration Form A to the Depositary Participant (DP)

  7. What is the lock in ? • There is a lock-in period of total three years. This lock-in period is further divided into two – fixed and flexible • Fixed Lock-in: The first one year from the date of investment is a fixed lock-in. During this period, you cannot sell any securities or pledge them to get loans.

  8. Flexible Lock-in: The flexible lock-in period is for next two years from the date of the end of the fixed lock-in period. During this period, you are permitted to buy and sell eligible securities, provided that for a cumulative period of 270 days each year, you are maintaining the value of your initial investment. In short, the value of the investment portfolio should be equal to or more than the amount you’ve claimed as investments for the purpose of deduction under Section 80 CCG

  9. Finer details • As a retail investor, you can either invest a lumpsum or in parts (in one financial year). The treatment as to how the lock-in period works will really depend on the type of investment option, you’ve chosen • Option 1: You’ve made a lumpsum investment in RGESS • Option 2 : Here’s how the lock-in-period will work of your investments are bought in instalments.

  10. Expiry of period • Once the period of holding expires, the demat account will be converted automatically into an ordinary demat account.

  11. Tax benefits • You will get a deduction for investment up to Rs50,000. As per the Indian Income tax, a deduction is up to 50 percent of the amount invested in such equity shares to the extent such deduction does not exceed Rs 25,000. So, if you are in the lowest tax bracket of 10 percent your tax benefit will be Rs 2,500. And, if you are in the 20 percent tax bracket, your tax benefit will be Rs 5,000.