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
Answer ID :
83658
are you filing the return manually or thru software
Posted by
t sankar on
Aug 27, 2022