80 g
This query is : Resolved
02 March 2009
what is the limit for deduction u/s 80G and is this deduction seperate from deduction limit of Rs 100000.00 Further does it matter if the taxable income consist of LTCG from sale of a house?
02 March 2009
Dear Nishit,
Your query contains several points
1. Deduction is not available on LTCG as per Section 80A in any case.
2. Their is no limit for Section 80G but Donations which is limited to Qualifying limit has to considered accordingly.
3. No amount of 1,00,000 is their.
Your query contains several points
1. Deduction is not available on LTCG as per Section 80A in any case.
2. Their is no limit for Section 80G but Donations which is limited to Qualifying limit has to considered accordingly.
3. No amount of 1,00,000 is their.
02 March 2009
No limit for payment of donation.
It is over and above the limit of Rs.1,00,000/- prescribed in section 80C.
80G deduction is not permitted against LTCG.
It is over and above the limit of Rs.1,00,000/- prescribed in section 80C.
80G deduction is not permitted against LTCG.
CA.Tarun Maheshwari
(Expert)
02 March 2009
As per my knowledge there are certain donations u/s80G which are restricted to a maximum of 10% of Gross Adjustable Income ( GTI-LTCG-Ded u/s 80C to 80U)
CA Nitin Wadhwani
(Expert)
02 March 2009
Also, Tarun sir STCG and lottery income are to be deducted.
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