Fintotal News Analysis | Oh! Another Complicated Tax Rebate Scheme for an 'Ignorant' Investor
Oh! Another Complicated Tax Rebate Scheme for an 'Ignorant' Investor
Kripananda Chidambaram, 21 Sep 2012

P Chidambaram has approved the Rajiv Gandhi Equity Savings Scheme (RGESS) and looking at its features it looks like the government has continued with its 'confusing' tax culture.
Though looks like a good initiative, at the investor level it is not going to be so easy. In fact companies and mutual funds will be proactively flaunting "Eligible for RGESS" tag.
Few features:
  • One can invest a maximum of Rs 50,000
  • Tax rebate of 50%
  • Only for individuals whose annual income is less than 10 lacs
  • Investing in stocks for the first time
  • Investing in BSE 100, CNX 100, PSUs, certain mutual funds and ETFs
  • Lock in of 3 year but can trade after 1 year
More clarity is expected in 2 weeks' time.

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