If an individual is having income only from Long term capital gain and lottery . Can he claim deduction under 80 c ?
Neeraj Sharma (student) (42 Points)
20 September 2015If an individual is having income only from Long term capital gain and lottery . Can he claim deduction under 80 c ?
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 21 September 2015
Yes sir there is no restriction
Prabeen Jalan
(NA)
(33 Points)
Replied 21 September 2015
one cannot claim deduction u/s 80c if an individual has only ltcg & lottery income
Neeraj Sharma
(student)
(42 Points)
Replied 21 September 2015
Neeraj Sharma
(student)
(42 Points)
Replied 21 September 2015
Pallavi Dashore
(student)
(22 Points)
Replied 21 September 2015
Trilochan mohapatra
(----)
(249 Points)
Replied 21 September 2015
S. Shiroor
(Others)
(1207 Points)
Replied 22 September 2015
IF YOU DONT HAVE SALARY AND HAVE INCOME FROM OTHER SOURCES
80C will be deducted from it
LTCG have varying fixed tax rates and
Income from Lottery is Taxed at fixed rate of 30.9% including cess
and Hence 80C cannot be deducted from these two
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