Deductions permissible from Gross Total Income but when not allowed
While computing the total income of an assessee, certain deductions are permissible u/s 80C to 80U from Gross Total Income. These deductions are, however, not allowed from the following incomes although these incomes are part of Gross Total Income:
Long-term capital gains
Short-term capital gain on transfer of equity shares and units
of equity oriented fund on or after 1-10-2004 through a
recognized stock exchange i.e. short-term capital gain covered
u/s 111A
Winnings of lotteries, races, etc.
Incomes referred to in sections 115A, 115AB, 115AC,
11ACA.115AD,11 BBA and 115D.
Basic law of deductions from gross total income - Sections 80A, 80AB, 80C of Income Tax Act
Permissible deductions under Section 80C of Income Tax Act
Deduction against Medical insurance premium paid u/s 80D of Income Tax Act
Medical treatment expenses for specified disease - Deduction u/s 80DDB of Income Tax Act
Interest paid on Education loan - Deduction u/s 80E of Income Tax Act
Interest paid on loan taken for residential house property : Deduction u/s 80EE of Income Tax Act