80CCG - Rationalization of
Under the existing provisions of
section 80CCG, deduction for three consecutive assessment years is allowed upto
Rs. 25,000 to a resident individual for investment made in listed equity shares
or listed units of an equity oriented fund subject to fulfilment of certain
conditions. It is proposed to phase out this deduction by providing that no
deduction under section 80CCG shall be allowed from assessment year 2018-19.
However, an assessee who has claimed deduction under this section for
assessment year 2017-18 and earlier assessment years shall be allowed deduction
under this section till the assessment year 2019-20 if he is otherwise eligible
to claim the deduction as per the provisions of this section.
The amendment will be effective
from 1st April 2018.