Made a gain of 60k on IPO listing day after 15th July 2023.Then i sold all the share and deposited all the money to my bank account.Will I have to pay 20% tax on it?
Having a salary of less than 7L. Can I use any rebate to reduce the tax slab?
Answering your first question, It doesn’t matter you withdrawn that money or not, As soon as you sold those share you are subjected to 15 percent Capitals gains tax.
But as You’re saying your total salary is under ₹7L. So here’s how you can reduce or eliminate tax:
1. Claim under Section 87A
If your total taxable income (after deductions like 80C) is ≤ ₹5L, then you get full rebate under Section 87A — meaning zero tax, including on STCG.
Even if salary is ₹7L, you can bring taxable income below ₹5L by using:
- 80C (₹1.5L) — PPF, ELSS, LIC, etc.
- 80D (Health insurance)
- NPS (80CCD(1B) – ₹50,000)
- Standard deduction (₹50,000)
If post-deductions your total income is ₹5L or less, then:STCG tax = ₹0 under Section 87A