If I have allowable Deductions under VI more than the Gross Income ( excluding Capital Gains) , can I adjust the same against Capital Gains (stcg/ltcg) and if yes then to what extend.
Menu
Adjustment of unabsorbed deduction amount from capital gains
Replies (1)
Dear Malhotraji, You need to compute your Adjusted Gross Total Income. To prepare this your Gross Total Income should reduced by the followings.
1. Any Income on which Income Tax is not payable
2. LTCG and
3. Income refered to in sections 115A, 115AB, 115AC, 115AD, 115BB & 115D.
After computing the Adjusted GTI you can claim now your Deductions Under Ch. VI as per the prescribed limits.
Hope this will clear your doubts.
Recent Topic
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
Related Topics
CAclubindia
