I WANT TO KNOW WHICH SET OFF IS AS PER RULE & CAN POSSIBLE TO DO..?
QUE. - FIND SET OF FOR AY 2012-13, -- iNDIVIDUAL HAVE SPECULATION LOSS C/F FOR AY 2011-12.RS.600000/-
INCOME OF AY 2012-13 IS INTEREST RS.3300000/- , SPECULATION INCOME RS.700000/-, BUSINESS LOSS INCULDING (INTEREST PAID OF RS.2900000/-) RS. 3100000/-
WHICH ANSWER IS CORRECT
OPTION 1 - SPECULATION INCOME 700000 - SETOFF LOSS OF AY 2011-12 RS.600000/- = NET 1000000/-
& INTEREST INCOME 3300000/-- CURRENT YEAR BUSINESS LOSS SETOFF rS.3100000/- = NET 200000/-
OPTION -2, SPECULATION PROFIT 700000 - CURRENT YEAR BUSINESS LOSS SETOFF UP TO rS.700000 = NET niL
& INTEREST INCOME 3300000/-- CURRENT YEAR BUSINESS LOSS SETOFF rS.2400000(31-7)/-= NET 900000/- & LOSS OF SPECULATION OF AY 2011-12 600000/- TO BE C/F
OPTION -3, INTEREST INCOME RS. 3300000- INTERST EXPS. RS.2900000= NET INTEREST 400000
BUSINESS LOSS 3100000- INTEREST EXS.2900000= 200000 NET BUSINESS LOSS
INTEREST 400000 = NET INTEREST INCOME 400000
SPECULATION PROFIT RS.700000/- - CY. BUSINESS LOSS SET OFF 200000- PY SPECULATION LOSS RS. UP TO 500000= NET NIL & LOSS OF SPECULATION AY 2011-12 CF RS.100000.
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