INTER HEAD SET OFF OF LOSSES
This query is : Resolved
CA Abhishek Singh
(Querist)
08 August 2010
HELLO EVERYONE,
PLZ CALCULATE THE TAX PAYBLE(A.Y.10-11)MALE ASSESSE
INCOME(LOSS) FROM HOUSE PROPERTY(INT ON HSG LOAN)= -50000
LOSS FROM BUS (NON SPEC)= - 300000
LONG TERM CAPITAL GAIN(sale of house propery) = 550000
DEDUCTIONS U/S 80G - 100000
WAITING FOR UR REPLY.
MY ID abhipcc@rediffmail.com
PLZ CALCULATE THE TAX PAYBLE(A.Y.10-11)MALE ASSESSE
INCOME(LOSS) FROM HOUSE PROPERTY(INT ON HSG LOAN)= -50000
LOSS FROM BUS (NON SPEC)= - 300000
LONG TERM CAPITAL GAIN(sale of house propery) = 550000
DEDUCTIONS U/S 80G - 100000
WAITING FOR UR REPLY.
MY ID abhipcc@rediffmail.com
Guest
Guest
(Expert)
08 August 2010
Your taxable income will be as follows;
Income from LTCG = 505000
Less :
HP loss 50000
BP loss 300000
Deductions 100000
Taxable income = 55000
Income from LTCG = 505000
Less :
HP loss 50000
BP loss 300000
Deductions 100000
Taxable income = 55000
08 August 2010
Applicable secion for computing total income is 71(2) of the Income tax Act,1961.
LTCG Rs. 5,50,000/-
less: HP loss Rs. 50,000/-
less: PGBP loss Rs. 3,00,000/-
Taxable income Rs. 2,00,000/-
Applicable tax rate is 20% on Rs 2,00,000/- as per section 112 of the said act.
Chapter V1A deduction (80G) will be denied by virtue of section 112 (2) of the said act.
LTCG Rs. 5,50,000/-
less: HP loss Rs. 50,000/-
less: PGBP loss Rs. 3,00,000/-
Taxable income Rs. 2,00,000/-
Applicable tax rate is 20% on Rs 2,00,000/- as per section 112 of the said act.
Chapter V1A deduction (80G) will be denied by virtue of section 112 (2) of the said act.
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