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Rebate u/s 87a
Total income including LTCG is Rs 533000 and LTCG is 37000. So LTCG will be exempt bcoz below 1lac and if we reduce LTCG from total income, net total income will me below 5 lac still system is calculating tax without giving rebate u/s 87a, as net total income is below 5lacs.
Replies (4)
Quick Summary
System is calculating total income including LTCG that's why tax has been arises without rebate but actually rebate should be given of 12500 rupees
What is actual provision? total income should include LTCG or without LTCG?
Sec 10(38) is not in existence. rebate u/s 87A is available when TI is upto 500k and since your income Cross the limit then sorry no rebate.
No rebate should be given
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