Deduction in respect of investment made under Equity Linked Savings Scheme -Section 80CCB - Income Tax - Ready Reckoner - Income Tax

Deduction in respect of investment made under Equity Linked Savings Scheme -Section 80CCB [No deduction shall be allowed in relation to any amount invested under this sub-section on or after the 1st day of April, 1992] Deduction against investment made under Equity Linkd Savings Schemed is available under section 80CCB of Chapter VIA. The assessee can claim deductions from Gross Total in respect of payments. Eligible Assessee : Individual and HUF Exemption limit : Total amount of deduction can be claimed under section 80CCB is restricted to the limit prescribed under section 80C. Maximum deduction allowed ₹ 10,000. Conditions for exemption : HUF/Individual acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified under clause ( 23D ) of section 10 or of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf. Exception : No deduction shall be allowed in relation to any amount invested under this sub-section on or after the 1st day of April, 1992. Taxability/cancellation of exemption : Where any amount invested by the assessee in the units issued under a plan formulated under the Equity Linked Savings Scheme in respect of which a deduction has been allowed, is returned to him in whole or in part either by way of repurchase of such units or on the termination of the plan, by the Fund or the Trust, in any previous year, it shall be deemed to be the income of the assessee of that previous year and chargeable to tax accordingly. Where Partition has taken place among the members of a Hindu undivided family or where an association of persons has been dissolved after a deduction has been allowed, it shall be deemed to be the income of the person of that previous year and chargeable to tax accordingly.