POSTED BY November 27, 2013 6:46 pm COMMENTS (4)
ONI opened two demat accounts this financial year and have already done a few trades using one of them. Will this be an issue since the page at http://rgess.com/demat-account says “Please note you can have only one DEMAT account for the purpose of availing RGESS benefits”.
Am I eligible for RGESS tax exemption if I invest in one of the ETFs now? My annual income for this FY is less than 12 lakhs.
Thanks!
2021 © Jagoinvestor.com All Right Reserved
Dear Salva, in that case, you should close 1 of the demat account right now to become eligible for RGESS.
Thanks
Ashal
Dear Salva, do you really feel RGESs is a good choice in itself to save tax?
Thanks
Ashal
Hi Ashalanshu,
I already have three SIPs going on in actively managed funds. I want to look at passively managed funds for which I believe ETFs are good. Perchance I was looking at some ETFs and they were eligible for RGESS. I also want to buy shares of the company I work for, which is also eligible for RGESS. So I guessed if I can save a 5 grand, it’ll be good.
My holding horizon is 5-7 years, so I don’t worry about the lock-in period.
My understanding of rules is:
You can open many demat accounts
But for claiming RGESS you can only have one demat account registered
In addition to KYC requirements like ID Proof, Address Proof, PAN Copy, you are also requested to provide a declaration form “Form A”, which you can get from the DP you’re applying to, in prescribed format for availing RGESS benefits. This declaration form will help you designate your new or existing demat account as RGESS.
But why did you open many demat accounts?