50% deduction of the eligible amount is allowed u/s 80CCG, provided some of the conditions out of the following are to be fulfilled: (i) The assessee is a resident Individual (ii) The gross total income does not exceed ₹

CS Executive · Tax Laws and Practice · PYQS · June 2018
50% deduction of the eligible amount is allowed u/s 80CCG, provided some of the conditions out of the following are to be fulfilled: (i) The assessee is a resident Individual (ii) The gross total income does not exceed ₹12 lakh (iii) He has acquired listed shares or listed units of an equity oriented funds in accordance with a notified scheme (iv) The investment is locked in for a period of 3 years from the date of acquisition in accordance with the equity oriented scheme
(A) (i), (ii) and (iv)
(B) All the four above
(C) (i) and (iii)
(D) (i), (ii) and (iii)

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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