Have incurred Long Term Capital Gains of Rs. 2.25 Lacs other Incomes are NIL.
Also have LIC Policy of Rs. 1.5 Lacs (for deductions u/s 80C upto Rs. 1 Lacs)
Is he liable to pay any Tax thereon.
3 Replies
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 March 2010
Deduction U/s 80C does not qualifies for capital Gain.
He will be liable to pay tax.
regards,
ratan
CA Rahul Jain
(CA)
(1162 Points)
Replied 30 March 2010
deduction u/s 80c is not allowed against LTCG u/s112, STCG u/s 111A and casual income.
GTI and TI would be same i.e. 2.25 lakhs and tax would be 15450 i.e. 20.6% on Rs. 75000/- (225000-150000)
Pradeep Sharma
(student)
(114 Points)
Replied 30 March 2010
Agrred with both
U/s 80c no deduction is allowd for the LTCG
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