Can Total Deductions Exceeds Gross Total Income (GTI) in Income Tax
Deductions provided under Chapter VIA of the Income tax Act, cannot exceed the Gross Total Income (GTI). Income here means all the income accumulated in the GTI and reduced by the incomes mentioned below: Long term Capital Gain (LTCG) under section 112 of the Act Long Term Capital Gain (LTCG) under section 112A of the …
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