28 February 2012
Equity shares purchased cannot be claimed as deduction U/s 80C. Only investment in mutual funds which are tax savers and where lock-in-period is 3 years are eligible for 80C.
28 February 2012
Subscription to equity shares are eligible for deduction provided it should be an 'eligible issue of capital' as defined in section 80C(2)(xvii) of the Income tax Act,1961.
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