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Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) is a new equity tax advantage savings scheme for equity investors in India, with the stated objective of "encouraging the savings of the small investors in the domestic capital markets." Vide notification dated November 23, 2012 the scheme has been notified by the Department of Revenue, Ministry of Finance (MOF)... It is exclusively for the first time retail investors in securities market.
The objective of the scheme is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market
- A new section 80CCG under the Income Tax Act, 1961 on 'Deduction in respect of investment under an equity savings scheme' has been introduced to give tax benefits to 'New Retail Investors' who invest up to Rs. 50,000 in 'Eligible Securities' and have gross total annual income less than or equal to Rs.10 Lakhs. The investor would get a 50% deduction of the amount invested from the taxable income for that year.
- Gains, arising of investments in RGESS, can be realized after a year. This is in contrast to all other tax saving instruments.
- Investments are allowed to be made in installments in the year in which the tax claims are filed.
- Dividend payments are tax free.
- This scheme has a long run benefit of educating the retail investment segment and thereby moving towards financial inclusivity in the country.
- Success of this scheme can lead to transfer of assets from traditional savings instruments such as bank deposits and FDs to the capital markets, leading to diversification in retail investor portfolio and also leading to more productive "capital formation" assets.
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