An assessee has the following income:
salary- 58,000; income from house property- 50,000; business loss- 1,40,000; long term capital gains on sale of land- 12,50,000.
What is his taxable income? Is it 11,60,000 or 11,43,000????
laxmi (student) (59 Points)
17 March 2009An assessee has the following income:
salary- 58,000; income from house property- 50,000; business loss- 1,40,000; long term capital gains on sale of land- 12,50,000.
What is his taxable income? Is it 11,60,000 or 11,43,000????
Atul Kumar
(CA)
(504 Points)
Replied 24 April 2009
Salary 58,000
HP (Net of Std. Deduction) 35,000
LTCG 12,50,000
Business Income (1,40,000)
------------------------
12,03,000
RAJU CHANDAK
(ACCOUNTS MANAGER)
(66 Points)
Replied 25 April 2009
Dear Laxmi
Only one thing u have to bear in mind is that loss under the head of Business can not be set off against income under the head of Salaries.
In your case u can set off ur business loss with remaining heads...
In nut shell Atul's total income is correct but u must take care of the above proposition at the time of computing total income
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