Donation

This query is : Resolved

aaaaa (Querist)
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01 December 2010 I understand that as per the Act , for Donations - one is eligible to claim 10% of Adjusted Gross Total Income as deduction under Sec 80G.I wanted to know the definition of Adjusted Gross Total Income.What is deducted from my Gross Salary to arrive at Adjusted GTI.Is Home Loan interest under sec 24(b)also allowed to be deducted to arrive at Aadjusted GTI.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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01 December 2010 Calculation of adjusted GTI.
GTI – LTCG – STCG u/s111A – Deduction u/s 80C to 80U except 80G = Adjusted GTI

aaaaa

aaaaa (Querist)
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01 December 2010 Thank You sanat.To clarify - LTCG - includes from Debt as well as equity or only Debt.Because LTCG for equity is anyways Nil.

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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01 December 2010 whatever LTCG you have added with GTI is to deducted from GTI to calculate ADJUSTED GTI.

LTCG on listed equity is nil, not unlisted equity.