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DEDUCTION UNDER 80CCG

ashu (article assistant) (35 Points)

31 March 2018

if individual has contributed in 80ccg in AY 17-18 whose gti is less than 12 lakhs ...will deduction will be given in AY 18-19

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Mohit Suresh (plus twov) (310 Points)
Replied 31 March 2018

yes, provided all other conditions are also satisfied for AY 18-19 and 19-20. But a new retail investor making investment after ay 17-18 is not eligible for thus deduction.

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ashu (article assistant) (35 Points)
Replied 31 March 2018

what are other conditions to be satisfied

Mohit Suresh (plus twov) (310 Points)
Replied 31 March 2018

1.assessee should be new retail investor

2.GTI should be up to 12 lakh

3.He can claim this deduction for three consecutive years

4.investment is locked in for 3 years

5.no new retail investor shall be no new retail investor shall be eligible for ay 2018-2019 however an assessee claiming deduction under this section for ay 2017-18 and earlier assessment years shall be allowed deduction under this section till the assessment year 2019 20 if he is otherwise eligible to claim deduction as per the provisions of this section.