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.
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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.
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