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Tuesday, December 18, 2012

Govt mulls tax breaks for equity investment

The government and regulators are discussing fresh tax benefits for investment in equities in an attempt to wean away individuals from parking funds in gold. The proposal is to take subscription into equity-linked savings schemes (ELSS) out of the Rs 1 lakh deduction limit provided under Section 80C of the Income Tax Act and create a separate window like the one for infrastructure bonds. ELSS is a mutual fund scheme that invests in equities and comes with a three-year lock-in period, aimed at de-risking the exposure of retail investors who are not equipped to deal with direct investments into the market. The instrument gets investors exemption from payment of long-term capital gains tax.

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