A new way to Save Tax in India by RGESS
Government has announced “Rajiv Gandhi Equity Savings Scheme – RGESS” with an objective of encouraging flow of savings of small investors in domestic capital market.
Eligible investors will get additional tax benefit of up to Rs.5,150 u/s.80-CCG by investing up to Rs.50,000/- in RGESS eligible securities/MF schemes. This benefit is over and above benefit u/s.80-C.
Mutual Fund houses have lined up exclusive schemes that would invest in RGESS eligible securities. By investing in them, investors will be eligible for additional tax benefit apart from potential appreciation.
As a first step, you need to open your Demat account for investing in RGESS eligible securities / MF schemes.
The same Demat account can be used for maintaining your other investments like MF ELSS, Gold ETF, Corporate Bonds etc.,
Please note, RGESS is not only for tax payers. Non-tax payers also can invest in them as a regular investment.
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