Mr. Mayank, a resident individual, furnished the following information in respect of income earned and losses incurred by him for the F.Y. 2023-24…

Computation of gross total income of Mr. Mayank for A.Y. 2024-25 Particulars Amount (₹) Amount (₹) Income from Salary (Computed) 27,40,000 Income from house property Income from let out property in Kanpur 5,50,000 Less: Set off of loss from let out property in Delhi (3,75,000) Less: Interest u/s 24(b) is not allowed in case of self-occupied property since Mr. Mayank is paying tax under section 115BAC] - Less: Loss from let out property in Delhi of A.Y. 2023-24 cannot be set off against income from house property of A.Y. 2024-25 since Mr. Mayank has paid tax under section 115BAC during the A.Y. 2023-24 and no deduction in respect of loss of house property of that year will be allowed in any subsequent year. 1,75,000 Profits and gains from business or profession Profits from manufacturing business 36,86,000 Add: Additional depreciation not allowable in case of section 115BAC 50,000 37,36,000 Less: Brought forward business loss of A.Y. 2023-24 (5,35,000) Less: Unabsorbed normal depreciation (2,10,000) 29,91,000 Capital Gains Long term capital loss on sale of shares of Reliance Ltd. on which STT has been paid can be set off only against long term capital gains. Hence, it has to be carried forward (1,25,000) Income from Other Sources Net winnings from online games [₹ 35,000/70%] 50,000 Gross Total Income 59,56,000 Losses to be carried forward to A.Y. 2025-26 Particulars Amount (₹) Brought forward loss from the activity of owning and maintaining the race horses of A.Y. 2023-24 can be set off only against the income from the activity of owning and maintaining race horses. Hence, it has to be carried forward. 1,50,000 Long term capital loss on sale of shares of Reliance Ltd. on which STT has been paid 1,25,000