My client received demand notice from IT dept .
He has income from bank interest and redemption of mutual funds both STCG and LTCG.
he claimed rebate u/s 87 A. his income is below 7 lakhs.
but dept allowed rebate only on regular income and charge seperately LTCG and STCG income
my query is pay the demand or not
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LTCG AND STCG demand notice
Replies (2)
Yes. you need to pay the differential tax as rebate to specified income/s is not eligible under NEW tax regime.
Ltcg and stcg own rate
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