Virendra Gupta (CMA) (182 Points)
20 March 2018Suppose I have salary income of Rs.2lk and other souces income of Rs 50k and LTCG is Rs.1.25 lk/- and i also Invetsment in chapter VI-A of Rs.70000/-
As per the AY 2018-19 basic exemption slab is Rs.2.5lks after that 5% tax would be application till Rs.5lks.
My query is whether 80c deduction can be claim against the income before leaving the LTCG tax. also rebete u/s 87a can be availble for long term gain.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177704 Points)
Replied 20 March 2018
" whether 80c deduction can be claim against the income before leaving the LTCG tax.?
Ans. Effectively..... yes. ( i.e. your taxable income will reduced to that effect)
"also rebete u/s 87a can be availble for long term gain.?""
Yes, if total taxable income is within 3.50 lakhs, the net tax liability will be reduced.
JOSHIJOS ASSOCIATES
(22 Points)
Replied 11 July 2018
CAclubindia
