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????
4 Replies
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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