80C & 80D

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Chintan (Querist)
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24 January 2011 I do not have any income other than interest income & capital gain. My interest income is also less than 1,60,000.This year I have got a huge capital gain. My question is, Can I avail the benefit of section 80C & 80D by investing some amount of my capital gain( 1 lac in 80C & 15000 in 80D) & evade 20.6% capital gain tax on that amount?

Ratan Sharma

Ratan Sharma (Expert)
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24 January 2011 Deduction u/s. 80C not allowable from LTCG income however you can claim the same from regular income. By investing in 80C your regular income will be Nil and you can get the benefit of basic exemption limit from the LTCG. You can get the deduction of 80D from LTCG income.

Guest

Guest (Expert)

24 January 2011 No deduction under chapter VIA will be allowed out of LTCG

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