80CCB. Deduction in respect of investment made under Equity Linked Savings Scheme.
(1)Where an assessee, being - (b)a Hindu undivided family,5***
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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 Offici al 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 s o much of the
amount invested as does not exceed the amount of ten thousand rupees in the previous year:
7[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.