Mr. Arpan (aged 35 years) submits the following particulars for the purpose of computing his total income: Particulars ₹ Income from salary…

CA Intermediate · Taxation · MTP · September 2024
Mr. Arpan (aged 35 years) submits the following particulars for the purpose of computing his total income: Particulars ₹ Income from salary (computed) 4,00,000 Loss from let-out house property (-) 2,20,000 Brought forward loss from let-out house property for the A.Y. 2023-24 (-)2,30,000 Business loss (-)1,00,000 Bank interest (FD) 80,000 Compute the total income of Mr. Arpan for the A.Y.2024-25 and the amount of loss that can be carried forward for the subsequent assessment year under normal provisions of the Act?
(A) Total income - 2,00,000 and loss from house property of 2,50,000 and business loss of 20,000 to be carried forward to subsequent assessment year.
(B) Total income - 1,60,000 and loss from house property of 2,30,000 to be carried forward to subsequent assessment year.
(C) Total income - 4,00,000 and business loss of 20,000 to be carried forward to subsequent assessment year.
(D) Total income is Nil and loss from house property of 70,000 to be carried forward to subsequent assessment year.

Suggested Answer and Working Notes:

Correct Answer: Option (A)

Total income - 2,00,000 and loss from house property of 2,50,000 and business loss of 20,000 to be carried forward to subsequent assessment year.

Topics: Paper 3B: Goods and Services Tax, Paper 3A: Income Tax Laws

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