Mr. Mohit submits the following information for the previous year 2023-24: (Amount in ₹) (i) Income from salary 6,50,000 (ii) Income from House-I…

Gross Total Income of Mr. Mohit for A.Y. 2024-25 Particulars Particulars ₹ Salaries Income from salary 6,50,000 Less: Loss from house property of 2,60,000, restricted to 2,00,000 4,50,000 Income from house property Income from House I 55,000 Less: Loss from House II (self-occupied) 1,25,000 Loss from House III 1,90,000 3,15,000 (2,60,000) Set-off of loss from house property against salary income, restricted to 2,00,000 Loss to be carried forward to A.Y. 2025-26 (60,000) Profits and gains of business or profession Profit from cloth business 1,70,000 Less: Loss from leather business 68,000 1,02,000 Capital Gains Short term capital loss in equity-oriented funds on which STT is paid - 35,000 to be carried forward to A.Y. 2025-26 since such loss can be set-off only against capital gains and not against income under any other head - Income from other sources Income from owning and maintenance of race bulls 9,000 Loss of 7,500 from the activity of owning and maintenance of race horses cannot be set-off against any source other than income from the activity of owning and maintaining race horses. Hence, such loss has to be carried forward to A.Y. 2025-26. Nil Income from crossword puzzles 12,000 Dividend from foreign company 8,500 29,500 Gross Total Income 5,81,500 Losses to be carried forward to A.Y.2025-26: Particulars ₹ Loss from house property [to be carried forward for set-off against income from house property] 60,000 Short-term capital loss in equity oriented funds on which STT was paid [to be carried forward for set-off against capital gains, long-term or short-term] 35,000 Loss from owning and maintaining race horses [to be carried forward for set-off against income from the activity of owning and maintaining race horses] 7,500 Note: Loss from house property can also be set-off to the extent of 1,02,000 from profits and gains from business or profession and balance i.e.,98,000 against Income under the head “Salaries”.