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As the finance minister extended Rajiv Gandhi Equity Saving Scheme for three successive years and also allowed investors with Rs 12 lakh income to invest in these schemes for tax benefit FY2013-2014 onwards, mutual funds have increased their focus on RGESS. Seven new fund offers are open now to allow investors to tap RGESS to save tax.
Birla Sun Life RGESS, DSP BlackRock RGESS Fund, HDFC RGESS, IDBI RGESS Fund, LIC Nomura MF RGESS Fund Series - 1, and UTI Rajiv Gandhi Equity Saving Scheme are the ongoing new fund offers.
Reliance Mutual Fund has launched R*Shares CNX 100 Fund, an ETF that is compliant with RGESS. "RGESS offers investors an opportunity to take exposure to large cap stocks for long term. This should offer them twin benefits of capital appreciation and tax savings," says Abhinav Angirish, managing director, investonline.in, an online mutual fund distribution entity. It can be a good entry point for first time investors in volatile markets.
First time investors with income below Rs 10 lakh annually, can avail an additional tax benefit under section 80 CCG for maximum investment up to Rs 50,000.
This benefit is over and above the Rs 1 Lakh exemption limit available as regular benefit under Sector 80C. For the next three years the income criteria has been enhanced to Rs 12 lakh per year.
Source: Economictimes
Birla Sun Life RGESS, DSP BlackRock RGESS Fund, HDFC RGESS, IDBI RGESS Fund, LIC Nomura MF RGESS Fund Series - 1, and UTI Rajiv Gandhi Equity Saving Scheme are the ongoing new fund offers.
Reliance Mutual Fund has launched R*Shares CNX 100 Fund, an ETF that is compliant with RGESS. "RGESS offers investors an opportunity to take exposure to large cap stocks for long term. This should offer them twin benefits of capital appreciation and tax savings," says Abhinav Angirish, managing director, investonline.in, an online mutual fund distribution entity. It can be a good entry point for first time investors in volatile markets.
First time investors with income below Rs 10 lakh annually, can avail an additional tax benefit under section 80 CCG for maximum investment up to Rs 50,000.
This benefit is over and above the Rs 1 Lakh exemption limit available as regular benefit under Sector 80C. For the next three years the income criteria has been enhanced to Rs 12 lakh per year.
Source: Economictimes
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