hi,

If a person is in the job and his taxable income is below 5 Lacs and as per form 16 he has got the Tax credit of Rs 2000 u/s 87A.
Now while filing his ITR the person adds income from other sources and now finally total taxable income exceeds the limit of 5 Lacs.
Now while calculating the final tax, does he has to reverse the benefit of rs 2000 given to him by his employer in form 16 u/s 87 A.

rgds,
Shweta

Dear Sir,

I have plot which I am planning to sell in next few month around 60 lakh. I have booked one flat of 75 lakh last month where I am going to get possession by next year end. Can I get income tax exemption on plot sale as I have bought flat recently ? or new property booking must happen only after old sale then only can claim tax benefits ?

Thanks in advance,
Bhaskar

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