Setoff and Carry forward

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AMIT (Querist)
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19 July 2010 AMIT

asked on 19 July 2010

Answer this query now

Setoff and Carry forward

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

Determine Net income

Please provide Detailed Answer,

thanks

srinath

srinath (Expert)
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20 July 2010 Income from house property 118,000

Business income
Ordinary Business 106,000
Speculative business 103,000
Less: Business loss AY 2003-04 (209,000) -
(to the extent possible)

Capital gains
STCG 55,000
LTCG 188,000
LTCL (8,000)
STCL (174,000) 61,000

Other sources
Winning from Betting 213,000
Loss from Betting
CY (20,000)
PY (126,000) (146,000) 67,000

Horses 423,000
Losses from Horse race (238,000) 185,000

Unabsorbed Dep (2,000)

Total Income 429,000

Notes
1. Returns ve been filed within the due date for carrying the losses
2. Balance Business loss that can be carried forward Rs. 5000/-
3. Unabsorned depreciation can be set off against any head of income
4. Long term capital loss can be set off against long term capital gain only