Sir,
I am Senior Citizen drawing pension and earning interest on bank deposits and income from house property. My total income after taking into account of all deductions and exemptions cones around ₹375000/- I also earned Short term capital gains of ₹35000/- on sale of equity shares. If I club both the income, it comes around ₹410000/-.I understand that the tax payable on ₹410000/- will be exempted as a tax rebate under section 87A. Please clarify the correct position. If my calculation is wrong please guide me to arrive at the amount of income tax payable. Thanks in advance.
You are right. Since the taxable amount is <5 lacs, no tax would be payable. But if you have any TDS credits, you are required to file ITR to claim refund of tax.
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