Setoff and Carry forward

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This query is : Resolved

AMIT (Querist)

19 July 2010 For the A.Y. 2010-11
Mr. X furnishes the particulars

Income from House property > 118000
Business income > 106000
Speculative Biz income > 103000
STCG > 55000
LTCG > 188000
Loss from Betting > (20000)
Win from Betting > 213000
Win from Horse Race > 423000

Beside , X want to set off the following allowance /losses for earlier years

Biz Loss AY 2003-04 > 214000
Unabsorbed Dep AY 1993-94 > 2000
STCL AY 07-08 > 174000
LTCG AY 05-06 > 8000
Loss from betting AY08-09 > 126000
Loss of owning &
Maintaining RACe
horseAY 06-07 > 238000

Determine Net income

Please provide Detailed Answer,

thanks

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)

20 July 2010 Computation of Total Income will be as follows:-

Income from House Property:-

House Property Income 118000

Income from Business:-

Business Income 106000
Less B/F Business Loss 106000

Speculative Income 103000
Less B/F Unabsorbed Dep 2000 101000

Capital Gain:-

Short Term 55000
Less B/F short Term Loss 55000

Long Term 188000
Less: B/F LTCL 8000
Less: B/F STCL 119000 61000

Income From Other sources:-

Win from Betting 213000
Less Loss from Betting 20000 193000

Win from Horse Race 423000

Total Income is 896000/-

Note:

1. Loss from bettingis not allowed to be carreied forward so loss for the A.Y 2008-09 is not to be set off aginst current year Income

2. Loss from Business for the A.Y. 2003-04 amounting to Rs. 108000 is allowed to be Carried forward to next Year

3. Loss from owing and maintaing horse races is allowed to be set off against the same incomeIt Cannot be adjusted against ay other Income. Hence carried forward to next year

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