Hi Friends,
Is the following Computation correct:
Income from salary: 90,000
Income from Business or Profession:
Speculation Income : 55,000
Derivative Loss: -1,15,000
-60,000
B/f Spec. loss -55,000 -1,15,000 (point here is setoff b/f spec loss against cy. spec income)
Income from Capital Gain 2,00,000
(short term 111A)
Income from Other sources 20,000
GTI 1,95,000
or
My opinion was that first u should setoff intra head cy. business income from all sources and then setoff brought forward loss.
and accordingly in the instant case the brought forward loss cannot be set off as net business income results into loss.
am i correct?
CAclubindia
