Rebate U/S 87(A) Applicable

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student
67 Points Posted on 01 July 2020

I have income from Profession & Other Sources of around 450000 after 80C deductions.

If I have income of around 300000 from selling of shares (Short Term Capital Gains) taxable @ 15%, will I still be eligible for relief U/S 87(A) ?

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On 01 July 2020 at 13:41 Report
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Quick Summary
This discussion clarifies the eligibility for the Section 87A rebate. If your total income, after Chapter VIA deductions (including 80C), does not exceed £500,000, you are eligible for this tax relief, even with short-term capital gains from share sales.

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ACCOUNTANT EXCUTIVE
140 Points Posted on 01 July 2020
Yes, You can Releif U/S 87(A).
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On 01 July 2020 at 15:16
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2 Points Posted on 01 July 2020
80c components
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On 01 July 2020 at 15:38
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Chartered Accountant
821 Points Posted on 01 July 2020
For 87A relief ur total income after deduction under chpt VIA should not exceed 5,00,000
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On 01 July 2020 at 18:34

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