Tax on capital assets long term

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2014 I Have long term capital gain on building after indexation of Rs. 570820/- and income from other sources is 83000/- ihave invested in Lic & P P F rs. 100000/- i got only 83000/- for deduction u/s 80C they does not give me deduction from long term capital gain Does it fair ? is deduction not allowed U/s. 80C in case of Long term Capital gain ?
Please help me to short out the matter

CA UMESH DULAL

CA UMESH DULAL (Expert)

28 July 2014 you will get deduction of 17000 out of capital gain. so you will get 100000 deduction u/s 80c

CA UMESH DULAL

CA UMESH DULAL (Expert)

28 July 2014 to put it simple, when your other income is less than 80C deduction, you will allowed to get remaining of 80C investment from capital gain.

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2014 Sorry I not agree with this view because the deduction under Chapter VI gross total income does not include long term capital gain from sales of assets so no deduction is allowable from such investment

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