Section 80cg

The plan must be for receiving a pension from a fund referred to in section 10 23aab.

Section 80cg. This section was recently added to encourage individuals to invest in equities enticing first time investors with tax deductions on their first investment. However it also aims to promote an equity culture in india. The main aim of.

Section 80ccc provides a deduction to an individual for any amount paid or deposited in any annuity plan of lic or any other insurer. Section 80c of the income tax act came into effect on 1 april 2006. It is a tax saving scheme which came into effect post the 2012 2013 union budget of india.

Section 80ccg of the income tax act offers incentives through means of tax deduction to taxpayers who invest in the equity market of the country. As per the scheme first time retail investors are entitled to tax benefits. Usually hra forms part of your salary and you can claim deduction for hra.

June 30 2015 at 11 50 am meghna says. Sir i wanted to confirm if a retired person can claim deduction u s 80gg. There are several unique features of the scheme which have allowed progress for the individual s economic establishment and the government s need to flourish the stock market.

Section 80ccg of income tax act under this section individuals can avail for deductions by investing in the equity market thereby encouraging individuals to invest in equities. July 1 2015 at 2 08 pm swetha says. It basically allows certain expenditures and investments to be exempt from tax.

If you do not receive hra from your employer and make payments towards rent for any furnished or unfurnished accommodation occupied by you for your own residence you can claim deduction under section 80gg towards rent that you pay. Deduction under section 80ccg a new scheme was introduced to encourage flow of saving in financial instruments and improve the depth of domestic capital market. Can i claim under this section 80cg.