Computation of income

This query is : Resolved

Hemangi (Querist)
Follow

04 June 2009 one individual having
1 loss from house property .
2 Deduction u/s 80c
3 long term capital gain
4 and income from salary.
5 Agricultural income.
how to compute means loss is deducted from which incoe 80c how deduct hoa compute by taking agicultural income?
Please reply me.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

04 June 2009 First Adjust Loss from HP from the salary Income. Then Add the LTCG into the salary Income. Deduct 80C from the total income to the extent salary income portion in total income (but maximum upto Rs.100,000). Agriculture income is not a part of total income. Agriculture income is considered only for the purpose of computation of tax on the total income by following a prescribed procedure.

Message likes : 1 times

vinod kumar lalwani

vinod kumar lalwani (Expert)
Follow

05 June 2009 just have a look on it:-

computraion of total income

Income from salary xxxxxx

income from HP (xxxx)

income from BNP Nil

Income from Capital gain
LTCG xxxxx

income from other sourcse NIL

Gross total income XXX

Deductins under chapter VIA
Under section 80 C xxxxx
(only from GTI excluding LTCG)

Total income xxxxxx