Question ID :
44336
082701
An assesse has income below 5 lacs i.e 495000- but his long term capital gain is Around 75000- though it is also exempted being less than 1 Lac Whether for the purpose of Rebate under Sec 87A Income from LTCG will be added and rebate will be not available ?
Posted by
Mahesh Kumar
on
Aug 03, 2022
Filed Under
DIRECT TAXES
If long term capital gain is exempt it will not be added to total income. Hence if taxable income is less than Rs. 5 Lakh, rebate under section 87A is available.
Posted by
CA. chunauti dholakia on
Aug 04, 2022
Answer ID :
83568
LTCG Upto 1 lakh it is exempt but it includes in Total Income. If Total income crosses 5 lakh including LTCG then Rebate will be lost.
Posted by
VINAY BHARGAV KUMAR G on
Aug 05, 2022
Answer ID :
83584
For 87A rebate purpose LTCG will be added and rebate will not be available.
Posted by
B.CHACKRAPANI WARRIER on
Aug 09, 2022
Answer ID :
83658
are you filing the return manually or thru software
Posted by
t sankar on
Aug 27, 2022