Whether Long term capital gain is to be deducted from non-agri income while determinig application of aggregation of agricultural income or not?
For eg:
The income of Senior Citizen is as follows:
LTCG on sale of house: 200000
STCG on sale of shares in B Pvt Ltd: 30000
Prize Winnings from a TV Show: 20000
Business Income: 220000
Net Agricultural Income: 40000
He paid-LIC premium of self: 40000, LIC premium of husband-20000
He also paid-Premium for annuity contract with LIC in name of her husband: 25000
Compute Tax payable.
Note:If we deduct LTCG to determine Non- agri income, the income will be below exemption limit and no aggregation of agri income.
If we do not deduct LTCG to determine Non- agri income, the income will be above exemption limit and aggregation of agri income applies.
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