Can deduction u/s 80C are allowable against income under STCG.?
Manoj Gupta (Service) (58 Points)
07 June 2008Can deduction u/s 80C are allowable against income under STCG.?
CA Dushyant Maharishi
(CA)
(178 Points)
Replied 07 June 2008
If it is not chargeable u/s.111A i.e. if it is not the gain from listed shares, debentures etc.
Rakesh Kumar
(B.Com ( H ) Pursuing CA Final )
(327 Points)
Replied 07 June 2008
yeah if it not taxable u/s 111A u can claim deductions u/s80C
CA Rahul Gupta
(Ca )
(57 Points)
Replied 09 June 2008
yes it is available provided mthe income should not be the one referred to in sec.111A
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 09 June 2008
Deductions under chapter VI A are NOT available on incomes which are taxed at special rates. If your STCG is one, which arose by sec 111A, then deduction is not available. If it is not, then deduction can be claimed.
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