Income Tax

This query is : Resolved 

08 December 2010 Dear all

Pls. solve the below the sum:

Compute the total income of Mr. Budhiraja for the Assessment Year 2009-10 and Calculate his tax liability :

Income form Salary 1,20,000
Income from House property 40,000
Business loss 1,80,000
Short-term capital loss 60,000
Long-term capital gain 1,40,000

with thanks
k a k

10 December 2010 Computation of total income for Assessment Year 2009-10

Income from Salary 120,000

Income from House property 40,000
Less: Business Loss 40,000

Net Income from House Property NIL

Capital Gains
Long term Capital Gain 140,000
Less: Short term Capital Loss 60,000
Balance 80,000
Less: Business Loss 80,000
Net Capital Gains NIL

Total Income 120,000

Business Loss Carried Forward 60,000



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