Deduction under section 80CCG
We have made investment of Rs 1,00,000/- in Rajiv Gandhi equity shares under notified scheme, how much deduction can we claim?
As per section 80CCG retail investor are eliigible for deduction if their Gross total income does not exceed Rs 12,00,000/- As your GTI is not exceeding Rs 12,00,000/- you are eligible for deduction.
Deduction under section 80CCG is Rs 25,000/- or 50% of investment made whichever is less.
So, to claim maximum benefit you should have invested only upto Rs 50,000/-
An assessee can avail benefit of this section only for 3 consecutive assessment year from the assessment year in which initial investment is made, provided he makes investment in each assessment year separately.