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Deductions

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Arun

Student CA Final

64 Points Posted on 13 March 2013

Lets directly come to the case:

Mr. X had only LTCG income of 300000 in the FY.

sec 112(2) says : deduction under chapter VI-A is not allowed for LTCG.

And there is also a provision that 80C deduction is not allowed for LTCG, STCG(111A) & Casual income.

Now plz tell me will Mr.X is allowed to take the minimum exemption of 200000 or all the 300000 is taxable.

Replies (3)

VIKAS.A

SOMETHING IS BETTER THAN NOTHING

703 Points Posted on 13 March 2013

PLEASE FOLLOW THIS LINK WITH THE NATURE OF ASSET U SOLD, U CAN AVAIL DEDUCTION FOR SURE

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC4QFjAA&url=http%3A%2F%2Fwww.taxpointindia.com%2Frrcapitalgaindeduction.html&ei=XBlAUYvOJYn5rQeejoDwCQ&usg=AFQjCNGb9a0ovS1WF9wuNoxH-nb4XPbWmg&bvm=bv.43287494,d.bmk

Arun

Student CA Final

64 Points Posted on 13 March 2013

Thanks,

But...... if no any assets have been purchased than??? Coz the link u gave me says only about on the purchase of new assets.

VIKAS.A

SOMETHING IS BETTER THAN NOTHING

703 Points Posted on 13 March 2013

IF U HAVE LOSS IN NON SPECULATION BUSINESS OR LOSS UNDER HOUSE PROPERTY OR ANY UNOBSOBED DEPERCIATION FOR CURRENT YEAR THEN THESE ITEMS CAN BE SET OFF WITH THAT,

EXCEPT THAT IF U R NOT PURCHASING NEW ASSET ASSET U CANNT CLAIM DEDUCTION