Section 80 c and non-speculative business income

Suppose I have made short-term trading gains & gains in futures/options. And I treat all of it as non-speculative business income. Suppose I have made gains of 4 lakhs and that is my only source of income. If I invest 1.5 lakhs in ELSS will i be exempt from paying tax?

Yes, by investing 1.5lks in ELSS, you will be exempt from paying tax.

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Yes, you are right, there are certain provisions where you will find the exemption details and the amount where you will be exempted from tax. Get more details here.