Claiming exemption in payment of capital gain tax u/s 80 G
This query is : Resolved
27 October 2010
I have sold a property for Rs. 10 lakhs. Out of this sales, I have to pay capital gain tax on Rs. 8 lakhs i.e 20% works out to Rs. 1.60 lakhs. But out of sale proceeds I have paid a donation of Rs. 2 lakhs to a trust. Please inform whether I can adjust the tax benefit u/s 80 g on my capital gain tax
CA. Aryendra
(Expert)
27 October 2010
Please read section 112 (2)and 111(1):
Deduction under Chapter VIA are not allowed on Long Term Capital Gain
Deduction under Chapter VIA are not allowed on Long Term Capital Gain
taxindiaconnect
(Expert)
27 October 2010
Agreed with Aryendra
CA. Chikkerur C R
(Expert)
29 October 2010
80G cannot be claimed for LTCG, You have Section 54 to claim exemptions for investments
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