claiming deduction under chapter VI in excess of Gross Total Income - Professionals - Taxation - TIK Share
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claiming deduction under chapter VI in excess of Gross Total Income


Anant  Jain

2015-07-06

Can we claim deduction under chapter VI in excess of Gross Total Income?

Ankit Sharma

2015-07-06

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.

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Mukesh Jain CA

2015-07-09

The deduction under chapter VI-A is restricted to GTI.

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Ankit Sharma

2015-07-09

and also GTI in this case, does not include Long term capital gain, Short term capital gain u/s 111A and lottery income.

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