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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

Answer ID : 83564

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