Hi,
Let’s say I’ve Short term realized profit of 80,000 Rs. Short-term capital gains are taxable @15%.
15% of 80,000 is 12,000.
If I invest 12,000 in an ELSS Mutual Fund or pay Health insurance premium, will I will pay tax now?
Can 80C be set off against capital gains tax from equity?
Hi @rahul8,
ELSS investments do qualify for deduction u/s 80C, however, Chapter VI A deductions like 80C, 80D etc. are not eligible for special rate incomes such as short-term capital gains u/s 111A and long-term capital gains u/s 112A.