80c deductions when there is stcg and fd income

Taxation
1

Income from fixed deposits = 2.2 lakh
Elss investment = 1 lakh
Income from short term capital gains (equity) = 1.2 lakh

In this scenario do i have to pay 15% tax on the stcg above the basic exemption limit of 3 lakhs? total income = 2.2 + 1.2 = 3.4, 0.4 above 3 lakh limit.
OR
can i take it as 2.2-1 = 1.2 total taxable income + 1.2 stcg = 2.4. so no tax?

2

@Quicko @mohitmehra

3

I cant see your reply

4

@karricoche

There will be no tax on your STCG since your total income including STCG is less than Rs. 2,50,000 i.e, Basic Exemption Limit. Since in case of special rate incomes, the benefit of basic exemption limit is available but after that income will be taxed at a special rate only.

Hope this helps. :slightly_smiling_face:

5

my total taxable income is calculated as 2.2 (fd) - 1 (elss) + 1.2 (stcg) = 2.4. Have I understood correctly?

6

@karricoche

Yes.