Exemption and 80c benefit for ltcg

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Suppose I have salary income of Rs.2lk and other souces income of Rs 50k and LTCG is Rs.1.25 lk/- and i also Invetsment in chapter VI-A of Rs.70000/-

As per the AY 2018-19 basic exemption slab is Rs.2.5lks after that 5% tax would be application till Rs.5lks.

My query is whether 80c deduction can be claim against the income before leaving the LTCG tax. also rebete u/s 87a can be availble for long term gain.

Replies (4)

" whether 80c deduction can be claim against the income before leaving the LTCG tax.?

Ans. Effectively..... yes. ( i.e. your taxable income will reduced to that effect)

 

"also rebete u/s 87a can be availble for long term gain.?""

Yes, if total taxable income is within 3.50 lakhs, the net tax liability will be reduced.

thank you sir...

Most Welcome.....

I have an income from LTCG as the only source of income, he paid LIC premium worth Rs 100000 and also have NPS contribution Rs 180000. How much deduction can he claim?


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