Religare Nifty ETF eligible under provisions of RGESS

 

The Finance Act, 2012 has introduced a new section 80CCG on 'Deduction in respect of investment made under an equity savings scheme' to give tax benefits to new investors who invest up to Rs. 50,000/- and whose gross total annual income is less than or equal to Rs.10 lakhs. The objective of the scheme is to encourage flow of savings in financial instruments and improve the depth of the domestic capital market. Religare Nifty Exchange Traded Fund, an Open Ended Exchange Traded Fund, of Religare Mutual Fund is in compliance with the provisions of Rajiv Gandhi Equity Savings Scheme, 2012 ('RGESS') notified by the Ministry of Finance, Government of India, on December 6, 2012.

Eligible investors / Units holders are entitled to tax benefits under section 80CCG of the Income Tax Act, 1961, for investments made in the Scheme, subject to complying with the requirements specified in REGSS. As the above mentioned scheme may or may not be eligible under RGESS on a continuous basis, the Fund will display the list of RGESS eligible scheme (s) on its website www.religaremf.com on an ongoing basis. Investors / Unit holders are requested to identify the list of RGESS eligible scheme(s) before making investments.

For any further assistance or scheme related information, you may visit the website www.religaremf.com or contact Religare Mutual Fund Relationship Manager.

Best Regards

Prakash Nair

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