If Mr X is having a gross income of 4.5 lakh rupees from salary and stcg from sale of shares on listed stock exchange STT paid is rs.1.3 lakhs. i.e total income of rs. 5.8 lakh rupees. Now Mr X is having deduction under chapter VI of rs. 1.5 lakhs. His net income now comes out to be 4.3 lakhs. Do Mr. X has to pay tax @ 15% on 1.3 lakh rupees. Note: His total income after deduction is coming out to be less than 5 lakh.