Mr. Sanju, an individual assessee, aged 32 years, furnishes the following details for the year ended on 31st March, 2025: (i) Loss from Future &…

Computation of Total Income of Mr. Sanju for the A.Y. 2025-26 as per the optional tax regime under the Income-tax Act, 1961 Particulars Particulars ₹ Income from Salary Salary (computed) 3,15,000 Add: Salary received by his wife from M/s XL & Co., partnership firm of 2,40,000 shall not to be clubbed in the income of Mr. Sanju even if his wife does not have any professional qualification since he does not have substantial interest in the firm as his share of profit in such firm is less than 20% Nil 3,15,000 Less: Loss from self-occupied house property (1,75,000) 1,40,000 Income from House Property (Self-occupied Property) Annual Value Nil Less: Deductions under section 24 Interest on loan paid for self-occupied property (1,75,000) (1,75,000) Profit and gains of business or profession Profit from restaurant business 2,21,000 Less: Loss from Future & Option (75,000) 1,46,000 Share of profit from M/s XL & Co., partnership firm [Exempt under section 10(2A)] Nil 1,46,000 Capital Gain Short term capital gain 82,000 Less: Brought forward short-term capital loss (52,000) 30,000 Long-term capital gain u/s 112A 1,10,000 Less: Long term capital loss u/s 112 (68,000) 42,000 3,58,000 Gross Total Income 3,58,000 Less: Deduction under Chapter VI-A - Under section 80C – Repayment of housing loan 1,20,000 - Under section 80D – Medical premium for self of 21,000 and preventive health checkup fees of 9,000 restricted to 5,000 subject to overall limit of 25,000 25,000 1,45,000 Total Income 2,13,000 Losses to be carried forward to A.Y. 2026-27 Loss from speculative business 26,000 As per section 73(4), brought forward loss from speculation business cannot be set-off against any income other than profit and gains of another speculation business. Such loss can, however, be carried forward to A.Y. 2026-27 for set-off against income from speculation business of that year.