Deductions permissible from Gross Total Income but when not
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.