Have incurred Long Term Capital Gains of Rs. 2.25 Lacs other Incomes are NIL.
Also have LIC Policy of Rs. 1.5 Lacs (for deductions u/s 80C upto Rs. 1 Lacs)
Is he liable to pay any Tax thereon.
Ayushraj (Professional) (125 Points)
30 March 2010Have incurred Long Term Capital Gains of Rs. 2.25 Lacs other Incomes are NIL.
Also have LIC Policy of Rs. 1.5 Lacs (for deductions u/s 80C upto Rs. 1 Lacs)
Is he liable to pay any Tax thereon.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 March 2010
Deduction U/s 80C does not qualifies for capital Gain.
He will be liable to pay tax.
regards,
ratan
CA Rahul Jain
(CA)
(1162 Points)
Replied 30 March 2010
deduction u/s 80c is not allowed against LTCG u/s112, STCG u/s 111A and casual income.
GTI and TI would be same i.e. 2.25 lakhs and tax would be 15450 i.e. 20.6% on Rs. 75000/- (225000-150000)
Pradeep Sharma
(student)
(114 Points)
Replied 30 March 2010
Agrred with both
U/s 80c no deduction is allowd for the LTCG
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