80 G deduction

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A.Manjunath (Querist)
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17 February 2011 Particulars Amt (Rs.)
Net Taxable Rental Income. 806,298
Net Taxable Business Loss. (2,640,205)
Net Taxable STCG. 957,962
Net Taxble LTCG. 8,962,966

Total Net Taxable Income 8,087,021

We have given donation of Rs.980,555/- which is eligible deduction u/s 80G.

Can I set off the Business Loss under Long Term Capital Gain and claim
deduction u/s 80G from Taxable Rental income and Short Term Capital Gain?

Warm Regards
Manjunath A

CA bhargava

CA bhargava (Expert)
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17 February 2011 Business loss cannot be set off against the LTCG, but the tax to be paid on the LTCG is not 8,962,966 but on 8,802,966 (8962966-160000)as short fall and 20 % is on 8802966 is to be paid and u can carry forward the PGBP loss of 875945(2640205-806298-957962)

CA bhargava

A.Manjunath

A.Manjunath (Querist)
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17 February 2011 Hey u cannot set off Long Term Capital Loss against Business Income as per Sec 71 -Inter head adjustment. However iam sure u can set off Business Loss under Long Term Capital Gain.

My Question is about Donations u/s 80G.

We have given donation of980,555/- which is eligible deduction u/s 80G.

Can I set off the Business Loss under Long Term Capital Gain and claim
deduction u/s 80G from Taxable Rental income and Short Term Capital Gain?

Warm Regards
CA Manjunath A

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