80 gga donation and deduction
ANKIT GOR
(Querist) 01 August 2012
This query is : Resolved
Thanks For Your Kind Support earlier,
This time i wanaa know that I have client Sold last March Property and earn CApital Gain From It after effecting all Indexed costing.
She Donate the all amount in The GUJARAT CANCER SOCIETY which held Certificate of 80GGA as well as 35AC.
What is the effect for this donation from Her Capital Gain Income?
Please give some idea for it..
Thanks
C. P. CHUGH
(Expert) 02 August 2012
Hi Ankit,
I feel mercy for your poor client. Though he has donation all of his capital gains for a social cause, yet he would not be benefitted and is required to discharge his tax liability u/s 112.
Pls go through sub-section (2) of section 112 which restricts deductions under chapter VIA to the extent of gross total income as reduced by Long Term Capital Gains.
Adv C P Chugh
cpcservices@gmail.com
ANKIT GOR
(Querist) 02 August 2012
Thanks Sir ,
But i want to help to my old aged client which is 72 years Lady
Is there any High court Decision or anything else to save TAX Pay
Please help me and my so old aged lady client Please...
And Thanks once again for your Response..
ANKIT GOR
(Querist) 10 August 2012
Any Other Chance for tax Saving
Please
