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Income tax rebate u/s 87A when total income exceeds 7 lacs

Tax queries 551 views 3 replies

For a non-resident Indian Individual, is rebate u/s 87A applicable for FY 2023-24?

Her income details are as below:

1. Income from other sources (equity shares dividend + interest income) = 689330

2. LTCG from shares = 826511

3. TDS for item-1 above = 70388

4. Advance tax paid = 6000

 

Since slab rate income is less than 7lacs, can she claim rebate? 

If not, what would be tax applicable?

Replies (3)
Rebate us 87a is applicable only on resident individuals.

Thanks, will it be same tax treatmeant in case of resident Indian?

Will it be same for the NRI person holding assets in NRO mode only?

87a Rebate applicable on net taxable income. In ut case your net taxable income exceed 7lakh so residential status doesn't matter


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