Can I invest in ELSS funds to save tax on STCG and intraday profits?

Income Tax Tax Savings & Deductions
1
  1. Any STCG before 23rd July will be taxed at 15% and after 23rd July, it will be taxed at 20% for FY 24-25?
  2. If a person has income from STCG and intraday trading only, can one invest in ELSS funds to save tax?
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Hello @knight

Please find the answer to your queries as below:

  1. Yes, STCG shall be taxed at 15% if sold before July 23rd and post that at 20%.
  2. ELSS investment allows tax deduction u/s 80C as per the old tax regime. Intraday Income is considered as speculative business income and taxed at slab rate, thus you can claim deduction against the same. However, STCG is a special rate income and deduction from ELSS cannot be claimed against the same.

Thank you.

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