28 July 2014
I Have long term capital gain on building after indexation of Rs. 570820/- and income from other sources is 83000/- ihave invested in Lic & P P F rs. 100000/- i got only 83000/- for deduction u/s 80C they does not give me deduction from long term capital gain Does it fair ? is deduction not allowed U/s. 80C in case of Long term Capital gain ? Please help me to short out the matter
28 July 2014
to put it simple, when your other income is less than 80C deduction, you will allowed to get remaining of 80C investment from capital gain.
02 August 2014
Sorry I not agree with this view because the deduction under Chapter VI gross total income does not include long term capital gain from sales of assets so no deduction is allowable from such investment
CAclubindia
