Section 80CCG deduction is allowed for investments made during a period of three consecutive previous years, beginning with the previous year in which the listed equity shares or listed units of equity oriented fund were first acquired.
If the assessee, in any previous year, fails to comply with any condition specified above, the deduction originally allowed shall be deemed to be the income of the assessee of such previous year and shall be liable to tax. No deduction would be allowed under this section for the assessment year commencing, on or after 1 April, 2018 (PY 2017-18 i.e. 1 April, 2017 to 31 March, 2018). However, a person who made the first investment on or before 31 March, 2017 can avail the benefit of deduction on investment for three consecutive previous years which may fall during previous years commencing on or after 1 April, 2017. For example a person who made first investment in PY 2015-16 can avail deductions during the PY 2015-16, PY 2016-17 and PY 2017-18 (upto 31 March, 2018).
After section 80CCF of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2013, namely:
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