Our honourable prime minister Mr. Manmohan Singh has put red carpet for attracting new investors to financial markets. The scheme is Rajiv Gandhi Equity Savings Scheme. For investment up to maximum of Rs.50000/- , the investors can get 50% tax rebate. This is one time sop for first time investor only. It is available to those with taxable income of upto Rs.10 lakh. But some riders are attached to it.
1. The investment must be in Top 100 shares of BSE or NSE.
2. The investment made in PSU companies can also get tax brake.
3. If the investment is made in Mutual Funds and ETFs then the scheme in which funds are invested must comply with above conditions.
4. The investments have lock-in period of 3 years.
5. But the investors can trade after one year but must maintain the level of investment and also keep points 1 to 3 in mind while reinvesting.
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