TMI BlogAmendment of section 80CCGX X X X Extracts X X X X X X X X Extracts X X X X ..... ted fund shall be inserted; (ii) after the words in such equity shares , the words or units shall be inserted; (b) for sub-section (2), the following sub-section shall be substituted, namely: (2) The deduction under sub-section (1) shall be allowed in accordance with, and subject to, the provisions of this section for three consecutive asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mend section 80CCG of the Income-tax Act relating to deduction in respect of investment made under an equity savings scheme. The existing provisions of sub-section (1) of the aforesaid section, inter alia, provide that a resident individual who has acquired listed equity shares, in accordance with the scheme notified by the Central Government, shall be allowed a deduction of fifty per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with and subject to the provisions of the said section, for three consecutive assessment years, beginning with the assessment year relevant to the previous year in which the listed equity shares or listed units of equity oriented fund were first acquired. It is also proposed to amend sub-section (3) of the said section so as to enhance the limit of gross total income to twelve lakh rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X
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