MY INCOME OTHER THAN LTCG (112A) IS 560000, LTCG (112A) IS 70000 AND DEDUCTION UNDER SEC. 80 IS 80000. . MY NET TAXABLE INCOME IS 570000. IS MY INCOME IS TAXABLE? AS LTCG IS EXEMPT BELOW 100000, AFTER DEDUCTING LTCG AS EXMEPT TAXABLE INCOME COMES TO 490000. SHOULD I LIABLE TO PAY TAX?
LTCG (112A) will be exempt as it is below Rs.1 lakh.
After deduction u/s. 80C from Rs. 5.50L net taxable income is Rs. 4.80 L, which is below Rs. 5 lakhs.
Apply rebate u/s. 87A , net tax liability will be NIL....
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