Is the basic exemption limit available for short-term capital gains (STCG)?
For example, if someone has a total income of ₹5 lakh, entirely from STCG, are they eligible for tax exemption up to ₹4 lakh under the basic exemption limit?
Is the basic exemption limit available for short-term capital gains (STCG)?
For example, if someone has a total income of ₹5 lakh, entirely from STCG, are they eligible for tax exemption up to ₹4 lakh under the basic exemption limit?
Hi @DEV_GUPTA
Yes, basic exemption is available against the STCG income. Thus you can avail the exemption of 4 lakhs and pay 20% tax on remaining 1 lakh STCG.
Thank you.
Is the same applicable for ltgc too ?
Thanks @Quicko
i am calculating my income tax liability. Am I eligible for the Section 87A rebate, and has this rebate amount increased, specifically from ₹25,000 to ₹60,000?
Thanks
@DEV_GUPTA, Nope, the rebate u/s 87A is not available against the special rate of Income i.e STCG in your case. Thus, you have to pay 20% on 1 lakh STCG.
Thank you.