Section 80CCB of Income Tax Act "Deduction in respect of investment made under Equity Linked Savings Scheme"
80CCB. (1) Where an assessee, being-
(a) an individual, or
(b) a Hindu undivided family,
(c) [* * *]
has acquired in the previous year, out of his income
chargeable to tax, units of any Mutual Fund specified under
clause (23D) of section 10 or of the Unit Trust of India
established under the Unit Trust of India Act, 1963 (52 of
1963), under any plan formulated in accordance with such
scheme as the Central Government may, by notification in the
Official Gazette, specify in this behalf (hereafter in this
section referred to as the Equity Linked Savings Scheme), he
shall, in accordance with, and subject to, the provisions of
this section, be allowed a deduction in the computation of
his total income of so much of the amount invested as does
not exceed the amount of ten thousand rupees in the previous
year :
Provided that no deduction shall be allowed in relation
to any amount invested under this sub-section on or after
the 1st day of April, 1992.
(2) Where any amount invested by the assessee in the units
issued under a plan formulated under the Equity Linked
Savings Scheme in respect of which a deduction has been
allowed under sub-section (1) is returned to him in whole or
in part either by way of repurchase of such units or on the
termination of the plan, by the Fund or the Trust, as the
case may be, in any previous year, it shall be deemed to be
the income of the assessee of that previous year and
chargeable to tax accordingly.
(3) Notwithstanding anything contained in any other
provision of this Act, where a partition has taken place
among the members of a Hindu undivided family or where an
association of persons has been dissolved after a deduction
has been allowed under sub-section (1), the provisions of
sub-section (2) shall apply as if the person in receipt of
income referred to therein is the assessee.