CLAT Sample Paper CLAT Sample Paper-7

  • question_answer
    Which of the following is/are features of the 'Rajiv Gandhi Equity Savings Scheme' launched by the Government?
    I. The scheme is applicable only to individuals. The benefit of tax deduction is not available to any other category of tax payee.
    II. The maximum deduction will be on investment up to Rs 50000 during financial year.
    III. Total income of the individual should not exceed Rs 10 lakh.
    IV. There would be lock in period of three years.

    A)  II, III and IV      

    B)  I, II and III

    C)  III and IV         

    D)  All of the above

    Correct Answer: D

    Solution :

    The finance act 2012 for the first time introduced a special scheme to provide tax deduction in respect of investments inequities. The investment should be made in listed equity shares only.

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