claiming deduction under chapter VI in excess of Gross Total Income
Can we claim deduction under chapter VI in excess of Gross Total Income?
No, you can not.
As per section 80A(2), the aggregate amount of deductions under this chapter shall not, in any case, exceed the gross total income of the assessee. Thus, an assessee cannot have a loss as a result of the deduction under chapter VI-A and claim to carry forward the same for the purpose of set off against his income in the subsequent year.
and also GTI in this case, does not include Long term capital gain, Short term capital gain u/s 111A and lottery income.