If the only source of my income is through F&O trading, am I still eligible to take tax benefits under 80c investments? Like ELSS?
Yes you are eligible. Section 80C allows individuals and HUFs to claim deductions for certain investments and expenses which are specifically mentioned under the Income Tax Act. The maximum limit for deduction under section 80C is INR 1,50,000.
Read more about Section 80C deductions on our Learn Center.
You are eligible to claim 80C even if your only source of income is drug trafficking. But yes Narcotics will book you when you start reporting such activities Just kidding!
I make profit of rs 4 lakh in fy19-20, f n o trading only.
I invested in elss 1.5 lakh for 80 c,
Do i get 2.5 lakh basic exemption. Plz explain how much tax i need to pay, no ther source of income.
Yes, everyone gets the 2.5L basic exemption and hence you have no taxable income in this case. Would still suggest you to file your taxes.