19 July 2010
For the A.Y. 2010-11 Mr. X furnishes the particulars
Income from House property > 118000 Business income > 106000 Speculative Biz income > 103000 STCG > 55000 LTCG > 188000 Loss from Betting > (20000) Win from Betting > 213000 Win from Horse Race > 423000
Beside , X want to set off the following allowance /losses for earlier years
Biz Loss AY 2003-04 > 214000 Unabsorbed Dep AY 1993-94 > 2000 STCL AY 07-08 > 174000 LTCG AY 05-06 > 8000 Loss from betting AY08-09 > 126000 Loss of owning & Maintaining RACe horseAY 06-07 > 238000
20 July 2010
Computation of Total Income will be as follows:-
Income from House Property:-
House Property Income 118000
Income from Business:-
Business Income 106000 Less B/F Business Loss 106000
Speculative Income 103000 Less B/F Unabsorbed Dep 2000 101000
Capital Gain:-
Short Term 55000 Less B/F short Term Loss 55000
Long Term 188000 Less: B/F LTCL 8000 Less: B/F STCL 119000 61000
Income From Other sources:-
Win from Betting 213000 Less Loss from Betting 20000 193000
Win from Horse Race 423000
Total Income is 896000/-
Note:
1. Loss from bettingis not allowed to be carreied forward so loss for the A.Y 2008-09 is not to be set off aginst current year Income
2. Loss from Business for the A.Y. 2003-04 amounting to Rs. 108000 is allowed to be Carried forward to next Year
3. Loss from owing and maintaing horse races is allowed to be set off against the same incomeIt Cannot be adjusted against ay other Income. Hence carried forward to next year
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