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Rajiv Gandhi Equity Savings Scheme (RGESS)

This scheme is introduced in the union budget 2012-13 to encourage small investors to put their money in equity market. This scheme is only for the person resident in India and non-resident cannot take benefit of this scheme.

RGESS offers rebate to first time retail investors with annual income blow Rs. 12 lakhs.

The investor would get under Section 80CCG of the Income Tax Act, a 50% deduction of the amount invested during the year, upto a maximum investment of Rs. 50,000 per financial year, from his/her taxable income for that year, for three consecutive assessment years.

For FAQ kindly refer http://finmin.nic.in/rgess/FAQ_RGESS_Revised_05022014.pdf