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 ?
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Rebate on other income even if LTCG is above my 12 lakhs
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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.
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