Am I eligible to claim deduction under RGESS ?

POSTED BY priyajitgh ON March 1, 2014 11:29 am COMMENTS (4)

I have opened my Demat A/c on last october-2013 & so far invested in the following MFs via SIP

1. ICICI Pru Focussed Bluechip-Direct
2.UTI Oppourtunities-Direct
3. SBI Pharma-Direct
4.IDFC Dynamic Bond fund_Direct
5.ICICI Pru Discovery Fund
6.ICICI Balanced Adv Fund

So far I have invested 30k in the above mentioned MFs & extra Rs 8600/ in SBI Gold ETS via SEP manner.My annual income is below 10lac & also I am a first time investor.
Am I eligible to avail 50% tax exemption over my total invested amount 38.6k under 80 CCG & are my MFs belong to RGESS ??

4 replies on this article “Am I eligible to claim deduction under RGESS ?”

  1. priyajitgh says:

    Dear Ashal
    Actually I am not going to invest in RGESS mutual funds only for the sake of tax benefit,then my main objective of wealth creation to secure future will be lost.Only I wanted to know whether am I eligible u/s 80 CCG for the investments I have already made from last financial yr.

  2. priyajitgh says:

    Dear Moneykadoctor,
    Frist of all its good to know your aptly kept name.Its unforgettable.Thanks a lot for ur reply.I have also invested in tax free bonds like-
    1.HUDCO taxfree bonds
    2.PEC tax free bonds
    4.IIFCL tax free bonds
    Are these bonds come under ‘shares of govt companies’??Are these eligible for deduction u/s 80 CCG??

  3. ashalanshu says:

    Dear Priya, do you really feel RGESS is good for you?



  4. MoneyKaDoctor says:

    Dear ‘priyajitgh’,

    You will be eligible to avail the deduction u/sec 80CCG i.e. Rajiv Gandhi Equity Savings Scheme. However, none of the the MFs/ETF mentioned by you above are eligible for the RGESS.
    So for availing the deduction, you can invest upto Rs.50,000 in the following avenues:
    (deduction will be 50% of the amount invested)

    1.Equity shares falling in the list of “BSE-100″ or ” CNX-100″
    2.Equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government
    3.The following ETFs :

    Birla Sun Life Nifty ETF
    Goldman Sachs Banking BeES
    Goldman Sachs CNX Nifty Shariah BeES
    Goldman Sachs Nifty ETS
    Goldman Sachs Nifty Junior BeES
    ICICI Prudential CNX 100 ETF
    ICICI Prudential Nifty ETF
    IIFL Nifty ETF
    Kotak Nifty ETF
    Kotak Sensex ETF
    Motilal Oswal MOSt Shares M50 ETF
    Quantum Index
    R*Shares Banking ETF
    R*Shares Nifty ETF
    Religare Invesco Nifty ETF
    SBI Sensex ETF


    4.RGESS Schemes of Mutual funds – Some AMCs have launched NFOs for the same and more are expected in during the month(March).

    Hope this helps.

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