Arun (Student CA Final ) (142 Points)
13 March 2013Lets directly come to the case:
Mr. X had only LTCG income of 300000 in the FY.
sec 112(2) says : deduction under chapter VI-A is not allowed for LTCG.
And there is also a provision that 80C deduction is not allowed for LTCG, STCG(111A) & Casual income.
Now plz tell me will Mr.X is allowed to take the minimum exemption of 200000 or all the 300000 is taxable.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 13 March 2013
PLEASE FOLLOW THIS LINK WITH THE NATURE OF ASSET U SOLD, U CAN AVAIL DEDUCTION FOR SURE
Arun
(Student CA Final )
(142 Points)
Replied 13 March 2013
Thanks,
But...... if no any assets have been purchased than??? Coz the link u gave me says only about on the purchase of new assets.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 13 March 2013
IF U HAVE LOSS IN NON SPECULATION BUSINESS OR LOSS UNDER HOUSE PROPERTY OR ANY UNOBSOBED DEPERCIATION FOR CURRENT YEAR THEN THESE ITEMS CAN BE SET OFF WITH THAT,
EXCEPT THAT IF U R NOT PURCHASING NEW ASSET ASSET U CANNT CLAIM DEDUCTION
CAclubindia
