One can avail tax benefits through Rajiv Gandhi Equity Savings Scheme if they are first time investors in share market. First time investors can make an investment upto Rs 50,000 and can enjoy a tax deduction of 50 percent of such investment. Also, one can also invest in Equity Linked Savings Scheme (ELSS) of mutual funds for availing tax benefit.Moreover, long term capital gains (sale of shares held for more than one year) are tax free, if shares are sold through stock exchanges.