Given Information - *Loss from House Property*: ₹2,50,000 -
*Income from Salary*: ₹50,000 - *Long-term Capital Gain*: ₹2,50,000
- *Long-term Capital Loss*: ₹2,00,000 - *Short-term Capital Loss*: ₹50,000 Calculating Net Capital Gains -
*Net Long-term Capital Gain*: ₹2,50,000 (long-term capital gain) - ₹2,00,000 (long-term capital loss) = ₹50,000 -
*Net Short-term Capital Loss*: ₹50,000 (short-term capital loss) Setting Off Losses -
*Inter-head Setoff*: Losses from house property can be set off against income from other heads, but there are restrictions on setting off capital losses against income from house property. -
*Long-term Capital Loss*: Long-term capital loss cannot be used to set off income from house property.
Calculating Taxable Income - *Income from Salary*: ₹50,000 -
*Net Long-term Capital Gain*: ₹50,000 - *Loss from House Property*: ₹2,50,000 (can be carried forward for setoff against future income from house property) Answers to Questions
Q1. *Amount of Loss to be Carried Forward*: ₹2,50,000 (loss from house property)
Q2. *Taxable Income*: ₹50,000 (income from salary) + ₹50,000 (net long-term capital gain) = ₹1,00,000
Q3. *Long-term Capital Loss*: Cannot be used to set off income from house property.
Q4. *Amount of House Property Loss for Inter-head Setoff*: ₹0 (loss from house property cannot be set off against other heads of income, but can be carried forward for setoff against future income from house property)
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