If the total taxable income including Short Term Capital gains comes below 5 lacs, whether STCG tax is payable on the portion of STCG at 15.60% by taking out the STCG from the total taxable income or the Tax rebate is available up to 5 lacs irrespective of the heads of income.
Please clarify. Thanks.
5 Replies
Kapadia Pravin
(17264 Points)
Replied 29 March 2021
No rebate oon STCG tax. You have to pay @ 15.60%.
Ankit Neema
(2742 Points)
Replied 29 March 2021
Avail tax rebate under 87A for all the capital gains except LTCG on equity
Subbiah Mathurappan
(140 Points)
Replied 29 March 2021
Dear Ankit Sir, you mean to say that tax rebate under 87A is available for STCG. Please clear my doubt.
Ankit Neema
(2742 Points)
Replied 29 March 2021
Yes, but the same is not eligible for LTCG on equity
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