Deductions under Chapter VIA cannot exceed gross total income; certain capital gains and casual incomes are excluded. Deductions under Chapter VIA cannot exceed the taxpayer's Gross Total Income (GTI); these deductions are confined to income accumulated in GTI. Certain ... Summary
Deductions under Chapter VIA cannot exceed gross total income; certain capital gains and casual incomes are excluded.
Deductions under Chapter VIA cannot exceed the taxpayer's Gross Total Income (GTI); these deductions are confined to income accumulated in GTI. Certain categories are excluded from GTI for this purpose, including long term and short term capital gains taxed preferentially, incomes subject to special tax provisions, and casual incomes such as lottery or horse race winnings, and therefore do not form the base against which Chapter VIA deductions may be claimed.
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