Is exemption u/s 54/B/D etc allowed from LTCG u/s 112A?
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Quick Summary
This discussion clarifies whether exemptions under sections like 54, 54B, or 54D are permissible for Long Term Capital Gains (LTCG) taxed under section 112A. The consensus is that these exemptions are not allowed. Tax under section 112A is levied at 10% on gains exceeding £100,000, with no provision for such deductions.