Section 87 A. Is exemption of 25 K up to total income of 7 lakhs available if no salary income

Income Tax ITR Filing
1

Is exemption of up to 25 K u/s 87 A applicable on income up to 7 lakhs in the new tax regime. This income does not include income from salary

2

Hey,

Yes, rebate u/s 87A is available on income up to ₹7 lakhs. However, if you have any long-term capital gains from equity shares and equity mutual funds, those will not be eligible for the rebate.

Hope this helps!

3

What about short term capital gains? Will gains fall under 87 A?

4

Hey,

Yes, rebate up to ₹25,000 is available on short-term capital gains.