INTER HEAD SET OFF OF LOSSES

This query is : Resolved

CA Abhishek Singh (Querist)
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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

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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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