Income Tax
This query is : Resolved
08 December 2010
Dear all
Pls. solve the below the sum:
Compute the total income of Mr. Budhiraja for the Assessment Year 2009-10 and Calculate his tax liability :
Income form Salary 1,20,000
Income from House property 40,000
Business loss 1,80,000
Short-term capital loss 60,000
Long-term capital gain 1,40,000
with thanks
k a k
Pls. solve the below the sum:
Compute the total income of Mr. Budhiraja for the Assessment Year 2009-10 and Calculate his tax liability :
Income form Salary 1,20,000
Income from House property 40,000
Business loss 1,80,000
Short-term capital loss 60,000
Long-term capital gain 1,40,000
with thanks
k a k
10 December 2010
Computation of total income for Assessment Year 2009-10
Income from Salary 120,000
Income from House property 40,000
Less: Business Loss 40,000
Net Income from House Property NIL
Capital Gains
Long term Capital Gain 140,000
Less: Short term Capital Loss 60,000
Balance 80,000
Less: Business Loss 80,000
Net Capital Gains NIL
Total Income 120,000
Business Loss Carried Forward 60,000
Income from Salary 120,000
Income from House property 40,000
Less: Business Loss 40,000
Net Income from House Property NIL
Capital Gains
Long term Capital Gain 140,000
Less: Short term Capital Loss 60,000
Balance 80,000
Less: Business Loss 80,000
Net Capital Gains NIL
Total Income 120,000
Business Loss Carried Forward 60,000
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