If an individual is having income only from Long term capital gain and lottery . Can he claim deduction under 80 c ?
Income tax
Replies (8)
Yes ofcourse Sir...
Yes sir there is no restriction
one cannot claim deduction u/s 80c if an individual has only ltcg & lottery income
It's confusing. Two answers are saying yes and one is saying no. One answer Plz.
It's confusing. Two answers are saying yes and one is saying no. One answer Plz.
No.
Deductions cannot be claimed from long term capital gains and lottery.
No, deductions u/s 80C to 80U are not allowed against LTCG and lottery income as these are taxed @ flat rate.
IF YOU DONT HAVE SALARY AND HAVE INCOME FROM OTHER SOURCES
80C will be deducted from it
LTCG have varying fixed tax rates and
Income from Lottery is Taxed at fixed rate of 30.9% including cess
and Hence 80C cannot be deducted from these two
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