115JB BOOK PROFIT
This query is : Resolved
13 December 2008
Wether Long Term Capital Gain Is Included While calculating Book Profit U/s 115JB?
CA Tilak Raj Sharma
(Expert)
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.
All other LTCG will be included in Book Profits.
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.
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