Can a senior citizen claim the Chapter VI A deductions against LTCG?
Can u please explain witha Ref. Section
2 Replies
Akhil
(Student CA )
(1005 Points)
Replied 07 July 2018
LTCG is taxable at special rate .....chapter 6a deductions are not allowed to be deducted from such gain....
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 07 July 2018
According to section 112 of Income Tax Act 1961
1. LTCG is taxable @ 20%
2.Basic exemption unexhausted under any other income can be deducted from LTCG
3.Chapter VI A deductions cannot be availed in respect of LTCG.
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