Are RGESS eligible mutual fund schemes a worthy investment?   Feb 15, 2013


The Government of India introduced Rajiv Gandhi Equity Savings Scheme (RGESS) in the previous Union budget 2012-13, and is targeted towards attracting the new retail investors into equity markets. Through RGESS the new first time investor can claim tax saving benefit on his investment up to Rs.50,000/- in eligible securities under section 80 CCG.This benefit can be availed in addition to deductions available u/s Sec 80C.

The objective of the RGESS is to encourage flow of savings in the financial instruments and improve the depth of the domestic capital market.

In December 2012, the Securities Exchange and Board of India (SEBI) pronounced norms for investing in RGESS. It clarified which securities would be eligible for availing tax benefit under the aforesaid scheme.

Key features of the RGESS are:
 

  • It is available only for first time investors (who do not have a demat account, or have one but not made any transactions in equities till the date of notification of this scheme i.e. November 23, 2012)
  • It is available for those whose gross annual income is less than or equal to Rs 10 lakh
  • It permits benefit only on maximum investment of upto Rs 50,000, even though you may have invested higher amount in eligible securities
  • It provides a tax deduction under section 80CCG of the Income Tax Act, 1961 to the tune of 50% of the amount invested from the taxable income of that year


Initially when RGESS was announced, it was unclear as to which stocks one could buy to avail of tax benefit and whether mutual funds too would be covered under RGESS. But to give impetus to large scale participation of new retail investors, and to device safety measures for new investors investing in direct equity through the RGESS; SEBIpronounced norms in December 2012 and listed the securities which will be eligible for participation in the said scheme.

Securities considered eligible for RGESS.

 

 

  • Units of RGESS eligible Exchange Traded Funds (ETFs) and mutual fundschemes (which are traded and listed on stock exchanges);
  • NFOs of RGESS eligible ETFs and mutual funds;
  • The top 100 stocks listed under (BSE-100, CNX-100);
  • Stocks of Maharatna, Navaratna and Miniratna Public Sector Undertakings (PSUs) - including their Follow-on Public Offers (FPOs)
  • IPOs of PSUs with Government stake not less than 51%, having revenue of Rs 4,000 crore in the last three years


Investments in large caps and PSU domain can, not only provide security but also ensure liquidity. In addition, to make it convenient to identify the eligible stocks and mutual funds, the stock exchanges have to furnish list of RGESS eligible stocks / ETFs / MF schemes on their website. Whenever there is any change in the said list, the revised list shall also be forwarded to the depositories at monthly intervals, while mutual fund houses shall communicate list of RGESS eligible MF schemes / ETFs to the stock exchanges.

Liquidity for investment under RGESS

 

 

 

 

  • The money invested under RGESS is subject to an overall lock-in period of 3 years
  • One can sell / pledge / hypothecate their securities after the expiry of the mandatory lock-in period of 1 year
  • But he cannot withdraw the money before 3 years. i.e. investors may be allowed to churn their portfolio after completion of fixed lock in period of 1 year, but his account will be converted into an ordinary demat account only on completion of 3 years.


Why RGESS eligible mutual fund schemes?

Aiming to give a push to the paining mutual fund industry, the Finance Ministry facilitated mutual funds to be included in REGSS and thereby giving an option to investors to avail the tax benefit by investing in RGESS eligible ETFs and schemes offered by mutual funds.

However this move is in the interest of first time retail investors. As mutual funds provide expertise of professional fund management, it can score over direct investing for the first time retail investors. The first time retail investors may find difficulty in identifying the right stocks and the valuations at what they should include them in their portfolio. But by routing their money through mutual funds, they can be confident that their money will be used more efficiently in identifying the right stocks at right valuations, thereby providing them decent appreciation in future, through a process driven investment strategy.

Now with the tax saving season coming in, Indian mutual fund industry which is already going through a rough phase does not want to be left out in the hoard to garner some fresh AUM from new retail investors. And in this flurry the industry players are floating new RGESS eligible schemes, while some have converted their existing ETFs into RGESS eligible ETF.

List of RGESS eligible mutual fund schemes

 

 

 

 

Existing Schemes - Converted to RGESS eligible Type Available on
Goldman Sachs S&P CNX Nifty Shariah Index ETF open-ended - ETF Units Traded on Exchange
Goldman Sachs Banking Index Exchange Traded Scheme open-ended - ETF Units Traded on Exchange
Goldman Sachs Nifty Exchange Traded Scheme open-ended - ETF Units Traded on Exchange
Goldman Sachs Nifty Junior Exchange Traded Scheme open-ended - ETF Units Traded on Exchange
Kotak NIFTY ETF open-ended - ETF Units Traded on Exchange
Kotak SENSEX ETF open-ended - ETF Units Traded on Exchange
Quantum Index Fund -Exchange Traded Fund (ETF) open-ended - ETF Units Traded on Exchange

Scheme names are sorted in alphabetical order and not in order of preference

 

 

 

 

New Schemes Launched with RGESS eligibility Type Open Date Close Date
DSP BlackRock RGESS Fund close-ended 9-Feb-2013 8-Mar-2013
IDBI Rajiv Gandhi Equity Saving Scheme - Series I close-ended 9-Feb-2013 9-Mar-2013
LIC Nomura MF RGESS Series 1 close-ended 9-Feb-2013 25-Feb-2013
SBI Sensex ETF open-ended ETF 9-Feb-2013 8-Mar-2013
UTI Rajiv Gandhi Equity Saving Scheme close-ended 9-Feb-2013 8-Mar-2013

Scheme names are sorted in alphabetical order and not in order of preference

New retail investors who have never invested in equity markets in the past, can take advantage of professional management and claim additional tax saving benefit by investing in equity markets via RGESS eligible mutual fund schemes. But the dilemma lies in selecting the winning RGESS eligible mutual fund schemes for investing their hard earned money.

 

 

 

 

 

Highlight of RGESS eligible mutual fund schemes
 

  • Goldman Sachs S&P CNX Nifty Shariah Index ETF

    GS S&P ShariahBeES is an open ended equity exchange traded fund from Goldman Sachs mutual fund. It is a Shariah compliant fund and has been in existence since March 2009. It is a passively managed fund being benchmarked against S&P CNX Nifty Shariah Index and has an AUM of just Rs 0.69 crore (as on 31-Jan-2013).

    The objective of the scheme is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the S&P CNX Nifty Shariah Index by investing in securities which are constituents of S&P CNX Nifty Shariah Index in the same proportion as in the Index.

    GS S&P ShariahBeESis mandated to allocate 90% to 100% of its assets in equities of securities in the S&P CNX Nifty Shariah Index, while upto 10% in Cash and Money market instruments. Being a passively managed fund with a very low AUM, its expense ratio stood at 1.06%, which is on the higher side. As the fund's units are bought and sold on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    GS S&P ShariahBeESis managed by MsGauriSekaria. By investing in GS S&P ShariahBeES, one can fulfill his objective of investing in a Shariah compliant fund as well as claiming RGESS benefit. The returns generated by the fund may be equivalent to that generated by the S&P CNX Nifty Shariah Index.
     
  • Goldman Sachs Banking Index Exchange Traded Scheme

    GS Bank BeES is an open ended equity exchange traded fund from Goldman Sachs mutual fund. The fund has been in existence since May 2004 and is focused towards banking stocks. It is a passively managed fund benchmarked against CNX Bank Index and has an AUM of Rs 51.31 crore (as on 31-Jan-2013).

    The objective of the scheme is to provide returns that, before expenses, closely correspond to the total returns of the securities as represented by the CNX Bank Index. The performance of Scheme may differ from that of the underlying index due to tracking error.

    GS Bank BeES is mandated to allocate 90% to 100% of its assets in equities of securities in the CNX Bank Index, while upto 10% in Cash and Money market instruments. Being a passively managed fund, its expense ratio stood at 0.54%, which is at fair levels.As its units are bought and sold on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    GS Bank BeES is managed by Mr Vishal Jain.

    By investing in GS Bank BeES, one can expect returns nearly similar to that generated by the CNX Bank Index. The fund being focused towards a single sector index, it may see volatility associated in the banking space.
     
  • Goldman Sachs Nifty Exchange Traded Scheme

    GS Nifty BeESmore commonly known as Nifty BeESis an open ended equity exchange traded fund from Goldman Sachs mutual fund. The fund has been in existence since December 2001 and is focused towards highly liquid large cap index S&P CNX Nifty. It is a passively managed fund benchmarked against S&P CNX Nifty index and has a decent corpus of Rs 491.79crore (as on 31-Jan-2013).

    The objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of securities as represented by the S&P CNX Nifty Index.

    GS NiftyBeES is mandated to allocate 90% to 100% of its assets in equities of securities belonging to the S&P CNX Nifty Index, thereby replicating the much followed index, while upto 10% in Cash and Money market instruments. Being a passively managed fund, its expense ratio stood at 0.54%, which is at fair levels.While buying and selling its units on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    GS Nifty BeESis managed by Mr Vishal Jain.

    By investing in GS Nifty BeES, one can expect returns equivalent to that generated by the S&P CNX Nifty, but since the fund invests in the same proportion as in the index; you cannot expect GS Nifty BeESto outperform S&P CNX Nifty.
     
  • Goldman Sachs Nifty Junior Exchange Traded Scheme

    GS Junior BeESis an open ended equity exchange traded fund from Goldman Sachs mutual fund. The fund has been in existence since February 2003 and is focused towards replicating the CNX Nifty Junior index. It is a passively managed fund benchmarked against CNX Nifty Junior index and has a corpus size of Rs 89.79 crore (as on 31-Jan-2013).

    The objective of the scheme is to provide returns that, before expenses, closely correspond to the returns of securities as represented by the CNX Nifty Junior Index.

    GS JuniorBeES is mandated to allocate 90% to 100% of its assets in equities of securities belonging to the CNX Nifty Junior Index, while upto 10% in Cash and Money market instruments. Being a passively managed fund, its expense ratio stood on the higher side at 1.06%.While buying and selling its units on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    GS Junior BeES is managed by Ms Payal Kaipunjal.

    By investing in GS Junior BeES, one can expect returns equivalent to that generated by the CNX Nifty Junior Index.
     
  • Kotak NIFTY ETF

    Kotak Nifty ETF is an open ended equity exchange traded fund from Kotak Mahindra mutual fund. The fund has just completed 3 years of its existence as it was launched in February 2010 and is focused towards replicating its benchmarked index S&P CNX Nifty. It is a passively managed fund benchmarked against S&P CNX Nifty index and has a corpus size of Rs 50.43 crore (as on 31-Jan-2013).

    The objective of the scheme is to provide returns before expenses that closelycorrespond to the total returns of the S&P CNX Nifty subject, to tracking errors.

    Kotak Nifty ETF is mandated to allocate 90% to 100% of its assets in equity stocks comprising S&P CNX Nifty, thereby fully replicating the much followed index, while upto 10% in Debt and related instruments. Being a passively managed fund, its expense ratio stood at 0.50%, which is at fair levels.While buying and selling its units on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    Kotak Nifty ETF is managed by Mr Deepak Gupta.

    By investing in Kotak Nifty ETF, one can expect returns equivalent to that generated by the S&P CNX Nifty index, but since the fund invests in the same proportion as in the index; you cannot expect Kotak Nifty ETF to outperform S&P CNX Nifty.
     
  • Kotak SENSEX ETF

    Kotak Sensex ETF is an open ended equity exchange traded fund from Kotak Mahindra mutual fund. The fund has been in existence since June 2008 and is focused towards replicating its benchmarked index BSE Sensex. The fund is passively managed and has a low corpus size of Rs 6.45crore (as on 31-Jan-2013).

    The objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the BSE SENSEX subject to tracking errors.

    Kotak Sensex ETF is mandated to allocate 90% to 100% of its assets in equities of securities belonging to the BSE Sensex, while upto 10% in debt, cash and money market instruments. Being a passively managed fund, its expense ratio stood at 0.5%, which can be termed decent.While buying and selling its units on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    Kotak Sensex ETF is managed by Mr Deepak Gupta.

    By investing in Kotak Sensex ETF, one can expect returns equivalent to that generated by the BSE Sensex, but since the fund entirely replicates the BSE Sensex, you cannot expect Kotak Sensex ETF to outperform BSE Sensex.
     
  • Quantum Index Fund -Exchange Traded Fund (ETF)

    Quantum Index Fund - ETF is an open ended equity exchange traded fund from Quantum mutual fund. The fund has been in existence sinceJuly 2008 and is focused towards replicating its benchmarked index S&P CNX Nifty. It is a passively managed fund benchmarked against S&P CNX Nifty index and has a small corpus size of Rs 2.31crore (as on 31-Jan-2013).

    The objective of the scheme is to invest in stocks of companies comprising of S&P CNX Nifty Index and endeavours to achieve return equivalent to the Nifty by "passive" investment. The scheme is managed by replicating the index in the same weightage as in the S&P CNX Nifty.

    Quantum Index Fund - ETF is mandated to allocate 90% to 100% of its assets in equity stocks comprising of S&P CNX Nifty, while upto 10% in debt and money market instruments. Being a passively managed fund, its expense ratio stood at 0.50%, which is at fair levels.While buying and selling its units on the exchange, investors might have to bear an additional brokerage cost charged by the broker.

    Quantum Index Fund - ETF is managed by Mr Hitendra Parekh.

    By investing in Quantum Index Fund - ETF, one can expect returns equivalent to that generated by the S&P CNX Nifty index, but since the fund invests in the same proportion as in the index; you cannot expect Quantum Index Fund - ETF to outperform S&P CNX Nifty.

    Note: PersonalFN is an associate company of Quantum Asset Management Company and provides research for its scheme Quantum Equity Fund Of Funds. Due to compliance reasons, we do not provide any views on schemes from Quantum AMC. The above piece on Quantum Index Fund - ETF is for information purpose and should not be construed as investment recommendation from PersonalFN.
     
  • DSP BlackRock RGESS Fund - Series 1 - NFO

    DSPBR RGESS Fund-1 is a newly launched 3 year close-ended equity fund that would invest in RGESS eligible securities. Units of the fund have been recognised as eligible securities for investors seeking tax benefits under RGESS.DSPBR RGESS Fund-1 will be open for subscription from February 9, 2013 to March 8, 2013.

    The fund has been launched with the objective of generating capital appreciation, from a portfolio that is substantially constituted of equity securities which are specified as eligible securities for RGESS. At times the scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments.

    Benchmark - BSE 100 index

    Minimum Investment - Rs. 5,000/- and multiples of Rs.1/- thereafter

    Plans - Regular Plan and Direct Plan(with Growth and Dividend options)

    Loads: Entry Load - Nil ;Exit Load - Not Applicable (The Units under the Scheme cannot be directly redeemed with the Mutual Fund as the Units will be listed on the BSE and NSE.)

    DSPBR RGESS Fund-1 will invest 95% to 100% of its portfolio into equity shares of companies eligible under RGESS; while for portfolio balancing reasons the fund may hold 0% to 5% of its assets in cash and cash equivalent and money market instruments.

    Being an actively managed fund, DSPBR RGESS Fund-1 can provide its first time retail investors with adequate diversification and active management. Thus the superior stock selection and portfolio management skills of the investment team at DSP BlackRock will come into play.

    The equity portion of the fund will be managed by Mr Apoorva Shah, while Mr DhawalDalal will take care of any debt and money market investment in the fund's portfolio.

    The AMC has estimated that annual recurring expenses of up to 2.70% p.a., butwithin the limits specified under the SEBI Regulations.

    DSP BlackRock Mutual Fund having a strong and well experienced fund management team has a consistent track record in the equity segment.
     
  • IDBI Rajiv Gandhi Equity Saving Scheme - Series I - NFO

    IDBI RGESS-Iis the latest offering from IDBI Mutual Fund. It isa 3 year close-ended equity fund that would invest in RGESS eligible securities. Units of the fund have been recognised as eligible securities for investors seeking tax benefits under RGESS.IDBI RGESS-I will be open for subscription from February 9, 2013 to March9, 2013.

    The fund has been launched with the objective of generatingopportunities for growth while providing income tax benefits under Section 80CCG of the IT Act, 1961 by active management of portfolio investing predominantly in RGESS eligible equity and equity related instruments.

    Benchmark - BSE 100 index

    Minimum Investment - Rs. 5,000/- and multiples of Rs.1/- thereafter

    Plans - Regular Plan and Direct Plan(with Growth and Dividend Options)

    Loads: Entry Load - Not Applicable; Exit Load - Nil (The Units under the Scheme cannot be directly redeemed with the Mutual Fund as the Units will be listed on the BSE and NSE.)

    IDBI RGESS-I will invest 95% to 100% of its portfolio into equity shares of companies eligible under RGESS; while for portfolio balancing reasons the fund may hold 0% to 5% of its assets in cash and cash equivalent and money market instruments.

    Being an actively managed fund, IDBI RGESS-Ican provide its first time retail investors with adequate diversification and active management.

    The fund will be managed by Mr V Balasubramanian.

    The AMC has estimated that annual recurring expenses of up to 2.70% p.a. of the daily net assets may be charged to the Scheme.

    IDBI Mutual Fund is relatively a new entrant in the mutual fund industry and has track record of less than 3 years, with its first scheme being launched in June 2010.
     
  • LIC Nomura MF RGESS Series 1 - NFO

    LIC RGESS-1isa 3 year close-ended equity fund that would invest in RGESS eligible securities. Units of the fund have been recognised as eligible securities for investors seeking tax benefits under RGESS.LIC RGESS-1 will be open for subscription from February 9, 2013 to February25, 2013.

    The fund has been launched with the objective to seek to generate capital appreciation, from a portfolio that is substantiallyconstituted of equity securities which are specified as eligible securities for RGESS. The Scheme may also invest a certain portion of its corpus in cash & cash equivalent and money market instruments from time to time.

    Benchmark - BSE 100 index

    Minimum Investment - Rs. 5,000/- and multiples of Rs.1/- thereafter

    Plans - Regular Plan and Direct Plan (with Growth and Dividend Options)

    Loads: Entry Load - Not Applicable; Exit Load - Nil (The Units under the Scheme cannot be directly redeemed with the Mutual Fund as the Units will be listed on the Stock Exchange/s - NSE and BSE.)

    LIC RGESS-1 will invest 95% to 100% of its portfolio into equity shares of companies eligible under RGESS; while the fund may hold 0% to 5% of its assets in cash and cash equivalent and money market instruments.

    Being an actively managed fund, LIC RGESS-I can provide its first time retail investors with adequate diversification and active management.

    The fund will be managed by Mr NobutakaKitajima and Co-Managed by MrRamnathVenkateswaran.

    LICNomura Mutual Fund has a sluggish track record on the equity fund management side in the Indian mutual fund industry. Many of its equity schemes have been lagging their category peers.
     
  • SBI Sensex ETF - NFO

    SBI Sensex ETFis the latest offering from SBI Mutual Fund. SBI Sensex ETF is an open-ended equity scheme that would invest in RGESS eligible securities. The fund will be passively managed and invest its corpus in stocks comprising in the BSE Sensex. The stocks in the BSE Sensex being the top 30 companies by market capitalisation well qualify as eligible securities for investors seeking tax benefits under RGESS. SBI Sensex ETF will be open for subscription from February 9, 2013 to March8, 2013.

    The investment objective of the scheme isto provide returns that, before expenses,closely correspond to the total returns of the securities as represented by the BSE SENSEX by holding BSE SENSEX stocks in same proportion. However, the performance ofScheme may differ from that of the underlying index due to tracking error.

    Benchmark Index - BSE Sensex

    Minimum Investment - Rs. 5,000/- and multiples of Rs.1/- thereafter

    Plans -N.A.

    Loads: Entry Load - Not Applicable; Exit Load - Nil (The units of the scheme will be listed on the Bombay Stock Exchange)

    SBI Sensex ETF will invest 95% to 100% of its portfolio into Securities covered by BSE SENSEX, while 0% to 5% of its assets in cash and cash equivalent / money market instruments.

    Being a passively managed fund, the portfolio of SBI Sensex ETF will be limited only to 30 stocks listed in the BSE Sensex and in the same proportion. The fund manager will not have flexibility to diversify the portfolio at his discretion.

    The fund will be managed by Mr Raviprakash Sharma.

    The AMC has estimated that upto 1.50 % of the daily net assets will be charged to the scheme as expenses; which is on the higher side when compared to its category peers.

    SBI Mutual Fund has a decent track record in the equity segment. Its schemes have shown mixed performance and can be expected to deliver in the long run. Being a passively managed fund, SBI Sensex ETF may not disappoint its investors, but its returns will be almost equivalent to the returns delivered by BSE Sensex.
     
  • UTI Rajiv Gandhi Equity Saving Scheme - NFO

    UTI RGESSis the new offering from UTI Mutual Fund. It isa 3 year close-ended passive equity index fund tracking S&P CNX Nifty Index which is RGESS eligible. Units of the fund have been recognised as eligible securities for investors seeking tax benefits under RGESS.UTI RGESS will be open for subscription from February 9, 2013 to March8, 2013.

    The principal investment objective of the scheme is to invest in stocks of companies comprising of S&P CNX Nifty and endeavor to achieve return equivalent to Nifty by "passive" investment. The scheme will be managed by replicating the index in the same weightage as in S&P CNX Nifty - Index with the intention of minimising the performance difference between the scheme and the S&P CNX Nifty - Index in capital terms, subject to market liquidity, cost of trading, management expenses and other factors which may cause tracking error. The scheme would alter the scrips /weights as and when the same are altered in the S&P Nifty Index. The fund would be qualified as an investment option targeting investment under Govt. Notified RGESS, 2012.

    Benchmark -S&P CNX Nifty

    Minimum Investment - Rs. 5,000/- and multiples of Rs.1/- thereafter

    Plans - Regular Plan and Direct Plan (with Growth and Dividend Options)

    Loads: Entry Load - Not Applicable; Exit Load - Nil (The Units under the Scheme cannot be directly redeemed with the Mutual Fund as the Units will be listed on the Stock Exchange/s - BSE and NSE.)

    UTI RGESS will invest 95% to 100% of its portfolio into equity &equity relatedinstruments of S&P CNX Nifty (eligible for RGESS); while it may hold 0% to 5% of its assets in cash and and money market instruments.

    Being a passively managed fund, UTI RGESS can provide the first time retail investors with diversification and passive management in stocks of companies in S&P CNX Nifty index.

    The fund will be managed by Mr Kaushik Basu.

    UTI Mutual Fund has a fair position in the Indian mutual fund industry, while most of its equity schemes stand among the average performers. Being a passively managed fund, UTI RGESS may not disappoint its investors looking to gains equivalent to S&P CNX Nifty.
     

Our view:

The performance of actively managed schemes will depend on the ability of the fund manager to take active calls based on their research and judgment. Their experience in making investment decisions on stocks to buy/hold/sell will have a major role to play in the performance of such schemes. Such actively managed funds aim to outperform their benchmark index and at times take high risk for generating high returns. Majority of actively managed funds have delivered attractive returns for its investors in the past. The expertise of professional fund managers has helped such schemes distinctly outperform their benchmark index.

However for a new retail investor who may be a first timer in equity markets may not be willing to take additional risk. For them investing in a passively managed Index Fund may be a considerable option. As index funds closely replicate the underlying index, usually their performance is closely in line with that of the index, as they tend to move along with the index. The investment strategies in such passively managed fund is pre-determined and are cost efficient vis-à-vis actively managed fund. However one should not expect the fund to provide returns greater than their respective benchmark index.

So while selecting the kind of RGESS eligible mutual fund scheme for your portfolio, you need to consider your risk appetite and the investment universe that you aim for. While you can look for newly launched actively managed RGESS eligible funds and rely completely on the fund manager's expertise, provided you have high risk taking ability;for passive management, many of the existing passively managed listed ETFs have been converted into RGESS eligible and you can directly buy the units of such schemes from the exchange in your dmat account. The existing schemes also provide you the advantage of their past performance track record, while for newly launched schemes your judgment will have to play a role in selecting the right scheme, based on the track record of the other equity schemes of the fund house.

Even though you can freely invest in these RGESS eligible mutual fund scheme, you can claim tax benefit under section 80 CCG, only if you are a new retail investor with gross total income of less than or equal to Rs 10 lakh. You can claim tax deduction of 50% for investments of upto Rs 50,000 only.

 

 

 

 

 



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Comments
skze18mg54@hotmail.com
Jan 07, 2015

A simple and intelligent point, well made. Thanks!
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