compute total income?
income from house property
1. income from house A 60000
2. loss from house B ( both are let out) 20000
income from business and profession
1. income from cloth business 30000
2. loss from hardware business 60000
3. lost from speculation business 10000
income from other sources
1. income from lottery 25000
2. lost from maintaining horse races 7000
3. interest on securities 10000
gross salary 166000.
total income?
1. Income from salary 166000
3. PGBP
cloth 30000
Less hardware(30000)
Net :nil
2.income from HP
House A 60000
Less house B (20000)
Less loss from hardware business (30000)
Net 10000
3.IFOS
Lottery 25000
Int on security 10000
Net : 35000
GTI = 211000
Less:40000 (sec 17)
NTI =171000
Statement of C/F of losses
1. Loss of speculation business 10000
( it can C/F upto 4 years and can setoff against only income from speculation business )
2.loss from horse races
(C/F upto 4 years and can setoff against only income from horse race)
ASSUMPTION :
1.assumed that p.y. 18-19 and A.y. 19-20
2.HP income consider after deducting std.ded. 30% as per sec 24a
CAclubindia
