Deduction under section 80CCG - Professionals - Taxation - TIK Share
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Deduction under section 80CCG


Ankit Sharma

2015-07-09

We have made investment of Rs 1,00,000/- in Rajiv Gandhi equity shares under notified scheme, how much deduction can we claim?

Ankit Sharma

2015-07-09

What is your Gross total income?

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Ankit Sharma

2015-07-09

Rs 11,50,000

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Ankit Sharma

2015-07-09

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.

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