In long term Gain , the utility takes without indexation value which is around 20 lacs but my gain with indexation is only 20,000. Supp my tax on other income is around 19,000 will I get rebate u/s 87A against tax on other income ?
Menu
Rebate on other income even if LTCG is above my 12 lakhs
Replies (1)
If you are planning to reply to this post on the forum, here is a clear, concise response you can use:
Yes, you will get the rebate u/s 87A against the tax on your other income, provided your overall Total Income (Net Taxable Income) does not exceed the threshold limit of the tax regime you have chosen.
If you are under the New Tax Regime: Your taxable income must be $\le$ ₹7,00,000 to claim a rebate up to ₹25,000.
If you are under the Old Tax Regime: Your taxable income must be $\le$ ₹5,00,000 to claim a rebate up to ₹12,500.
Key Point: The rebate is fully allowed against tax on "Other Income" and normal LTCG (u/s 112). It is only restricted against LTCG from equity u/s 112A. If the system utility is showing an error or denying the rebate, double-check if your total net taxable income has accidentally crossed the ₹5 lakh / ₹7 lakh barrier due to the gross capital gains entry.
Recent Topics :
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
Related Topics :
CAclubindia
