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No.1
IPCC-Tax
Set off Carry forward of Losses
Page
Q.1.
www.badlanionline.com
No.1
72,000
(30,000)
40,000
95,000
Nil
3,500
50,000
1,00,000
16,550
60,000
35,000
10,000
Rs.
Profit from Business X situated in Bangalore
2,80,000
Profit from Business Y situated in Hyderabad
1,25,000
Loss from Business Z carried in Germany (the business is controlled from India but profits are not
received in India)
85,000
4. Unabsorbed depreciation of business Z
45,000
5. Income from house property situated in India
30,000
6. Income from house property situated in London
(rent received in London)
50,000
Find out the Gross Total Income of R for the assessment year 2010-11 if he is (a) Resident in India (b) Not ordinarily resident in
India and (c) None-resident in India.
1.
2.
3.
Business income/loss
Unabsorbed depreciation
Shareholding as on last day of P.Y.
Previous Year
2011-12
(-) 1,50,000
40,000
Previous Year
2012-13
(-) 2,50,000
80,000
Previous Year
2013-14
(+) 5,00,000
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Kareena 35%
Kareena 35%
Kareena 35%
Rani 20%
Rani 20%
Priyanka 20%
Shahid 15%
Saif 15%
Saif 15%
Abhishek 30%
Fardeen 30%
Fardeen 30%
Can the losses of previous year 2011-12 and 2012-13 be set off against the income of previous year 2013-14 ?
Q.7.
X, a resident individual, furnishes the following particulars of his income and other details for the previous year 201314 :
Rs.
Income from salary
18,000
Taxable income from house property
70,000
Income from business
80,000
Income from speculative business
12,000
Long term capital gain on sale of land
15,800
Loss on maintenance of horse race
9,000
Loss on gambling
8,000
Depreciation allowable under the Income-tax Act comes to Rs. 8,000 for which no treatment is given above. The other details of
unabsorbed depreciation and brought forward losses are:
Rs.
Unabsorbed depreciation
9,000
Loss from speculative business
16,000
Short-term capital loss
7,800
Unrealised rent
17,000
Compute the gross total income of X for the assessment year 2014-15 and amount of loss that can or cannot be carried forward.
Q.6.
IPCC-Tax
Set off Carry forward of Losses