Deductions

Arun (Student CA Final ) (142 Points)

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.