My queries are: Applicability of Section 115JC on Individual in case of LTCG and STCG.
You can see the attachment for further details.
1) Long term capital gain upto Rs.100,000/- is exempted. Hence LTCG of Rs.24,980/- which is far below than Rs.100,000/- has been excluded from Net Capital Gain Income. So as per self computation my net income from capital gain is Rs.11,345/- and as per 143 (1) it is Rs.36,323/-. Due to this my total income after deductions is below Rs.500,000/- i.e Rs.495,307/-. Hence as per self computation I am eligible for rebate u/s 87A upto Rs.12,500/- and therefore no tax is payable from my side. However, Rs.10,000/- has been deducted as TDS and Rs.3,880/- deposited vide Self Assessment Tax. Therefore, I request you to Kindly refund the total amount Rs.13,880/-.
2) Deemed Income Under Section 115JC, whereas it is not applicable on me.
CAclubindia
