Hello. Just wanted to clear some doubts in some scenarios.
-
Assume my total income is 6.5L. It is only capital gains. Nothing else. I claim ELSS deduction of 1.5L. My taxable income becomes 5L.
So if I choose the old regime, the tax I have to pay is 0? (due to 87A rebate being upto 5 lakhs in old regime)
The only doubt I had is if I can claim both rebate and ELSS exemption, effectively making my income tax free upto 6.5L if I use ELSS under 80C.
-
Assuming above is true, if my income becomes 6.51 lakh, can I claim 87A rebate?
In this case, even after 80C deductions, my income is 5.01 lakhs. Can I claim rebate even then and pay tax only on 0.01 L ? -
My only income is from capital gains. If I compare slab wise, the rate is 5% or 10%. But LTCG is at 10% and STCG is at 15%. What rate do I pay tax at? No other income.
Do LTCG and STCG rates apply only if I cross those rates on the income tax slab first?