115JB BOOK PROFIT

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HARDIK

HARDIK (Querist)
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13 December 2008 Wether Long Term Capital Gain Is Included While calculating Book Profit U/s 115JB?

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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13 December 2008 Those LTCG which are exempt under income tax like exempter u/s 10(38) will be deducted while calculating Book Profits.

All other LTCG will be included in Book Profits.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 December 2008 LTCG covered u/s 10(38) is not allowed to be deducted from the profit shown in p&l a/c vide clause (ii) of explanation 1 to section 115 JB.