Deduction for capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2012
If an assessee incurr capital gain in a year can he or she take benefit of deductions u/s. 80C or under chapter VI-A or is it necessary to have income under different head to take such deductions.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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30 November 2012 NO deduction u/s 80C is only for other incomes
it cannot be taken for Capital Gains
but if the person is not having other incomes then he can utilize the basic exemption which is not exhausted
or if he is having other incomes then he can take deduction u/s 80C also if the income after deduction u/s 80c is below the basic exemption limit then he can utilize the unexhausted limit with capital gains income