RGESS income limit hiked to Rs 12 lakh

To make the Rajiv Gandhi Equity Savings Scheme more attractive for investors, Finance Minister P. Chidambaram has proposed to increase the income limit to Rs 12 lakh from Rs 10 lakh in the Budget 2013-14 .

RGESS was introduced in the Budget 2012 to draw more investors into the stock market.

Investors who had not earlier invested in the stock market can take benefit of the scheme. A tax deduction of up to Rs 50,000 is allowed under the scheme.