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Aug 23, 2012, 10.13 PM IST
CNBC-TV18's Aakansha Sethi reports that mutual funds and ETFs are likely to receive tax deductions under the Rajiv Gandhi Equity Scheme.
In what could be a big boost for retail investors, mutual funds and ETFs are also likely to receive tax deductions under the Rajiv Gandhi Equity Scheme, reports CNBC-TV18's Aakansha Sethi.
The Rajiv Gandhi Equity Scheme, which was announced in the Budgetm has two objectives- to direct household savings into the capital markets and hence provide a boost to the markets, and to develop an equity culture in the country by encouraging retail investors to invest in these bonds.
Earlier, only equities were to be included in the Rajiv Gandhi Equity Scheme, but ETFs with underlying scrips of the BSE and CNX-100 will also be given a 50% tax deduction for people who have income below Rs 10 lakh and upto an amount of Rs 50000 in this scheme. Also mutual funds with the same BSE and CNX 100 scrips will be given tax reduction.
This is something that SEBI had asked for all mutual funds and the finance minister had said that the government would look into it. A government notification will be released in this regard in the next few weeks.
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