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Income of A.O.P. is calculated head wise. It cannot have any income under the head “Salaries”.
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In case of house property rules given under the head “Income from House Property” are applicable. It cannot have self occupied house.
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Profits & Gains from Business or Profession are to be computed in the same manner as given earlier in this chapter.
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Income under the head “Capital Gains” is to be computed in the same manner as given in the chapter Capital Gains but exemptions u/s 54, 54B and 54F are not allowed.
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Income from other sources is to be computed in the same manner as given under the head “Income from other Sources”.
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Set off and carry forward and set off of losses is to be done as per provisions of section 70 to 74 of the Act.
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Deductions u/s 80 can be claimed. The deductions which can be claimed by P.F.A.O.P. are u/s 80 G, u/s 80 GGA, u/s 80 HHB, u/s 80 HHC, u/s 80 HHD, u/s 80 HHE, u/s 80 IA, u/s 80 IB, u/s 80 JJA, and u/s 80 0. Other deductions u/s 80 are not allowed.
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