Equity Linked Savings Scheme – eligible for benefit under Section 80 C
Investments in Equity Linked Savings Scheme, 1992 (ELSS), as amended in 1998, were eligible for tax rebate under section 88 of the Income-tax Act, 1961, if such investments were made on or before 31.3.2005.
Section 88 has been replaced by section 80C vide Finance Act, 2005 and the Equity Linked Savings Scheme, 2005 has been notified vide S.O. No. 1563(E) dt. 3.11.2005. CBDT clarifies that tax benefit under section 80C of the Income-tax Act will be available to the investments made on or after 1.4.2005 in the units of a mutual fund or the Unit Trust if such units are issued under any plan formulated in accordance with the three schemes viz., ELSS, 1992; ELSS, 1992 as modified in 1998 and ELSS, 2005.
NOTIFICATION NO. , Dated : December 13, 2005