Section 80CCBCentral Act

Section 80CCB: [ Deduction in respect of investment made under Equity Linked Savings Scheme. [Inserted by Act 12 of 1990, Section 17 (w.e.f. 1.4.1991).]

The Income-tax Act, 1961

[ Deduction in respect of investment made under Equity Linked Savings Scheme. [Inserted by Act 12 of 1990, Section 17 (w.e.f. 1.4.1991).]

(1)

Where an assessee, being-

(a)

an individual, or

(b)

a Hindu undivided family, ][* * *] [ The word " or" omitted by Act 32 of 1994, Section 50 (w.r.e.f. 1.4.1991).]

(c)

[* * *] [ Clause (c) omitted by Act 32 of 1994, Section 50 (w.r.e.f. 1.4.1991).]

[has acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified under clause (23-D) of section 10 or of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf (hereafter in this section referred to as the Equity Linked Savings Scheme), he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income of so much of the amount invested as does not exceed the amount of ten thousand rupees in the previous year:] [Inserted by Act 12 of 1990, Section 17 (w.e.f. 1.4.1991).][Provided that no deduction shall be allowed in relation to any amount invested under this sub-section on or after the 1st day of April, 1992.] [ Inserted by Act 18 of 1992, Section 43 (w.e.f. 1.4.1993).]

(2)

[ Where any amount invested by the assessee in the units issued under a plan formulated under the Equity Linked Savings Scheme in respect of which a deduction has been allowed under sub-section (1) is returned to him in whole or in part either by way of repurchase of such units or on the termination of the plan, by the Fund or the Trust, as the case may be, in any previous year, it shall be deemed to be the income of the assessee of that previous year and chargeable to tax accordingly.

(3)

Notwithstanding anything contained in any other provision of this Act, where a partition has taken place among the members of a Hindu undivided family or where an association of persons has been dissolved after a deduction has been allowed under sub-section (1), the provisions of sub-section (2) shall apply as if the person in receipt of income referred to therein is the assessee.] [Inserted by Act 12 of 1990, Section 17 (w.e.f. 1.4.1991).]

Sec 80CCA — [ Deduction in respect of deposits under National Savings Scheme or payment to a deferred annuity plan. [Substituted by Act 26 of 1988, Section 23, for Section 80-CCA (w.e.f. 1.4.1988).]

Sec 80CCC — [ Deduction in respect of contribution to certain pension funds. [Inserted by Act 33 of 1996, Section 23 (w.e.f. 1.4.1997).]

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