The Union Budget 2017 has proposed to discontinue the benefit of deduction for investments in the Rajiv Gandhi Equity Savings Scheme (RGESS). The scheme was introduced in the Union Budget of 2012. Read more about the scheme here.
What is RGESS?
Currently, the scheme provides tax deductions under section 80CCG of the Income-tax Act, 1961. This deduction is over and above the deduction of Rs1.5 lakh under the familiar section 80C, and is exclusively for investments in the RGESS.
