Mr. Akshay, a resident individual, provides the following details of his income/losses for the year ended 31.03.2025: Particulars Amount (₹) (i)…

Computation of total income of Mr. Akshay for the A.Y.2025-26 Particulars Particulars Particulars ₹ Income from salary (computed) 35,20,000 Income from house property (i) House property at Delhi (Let out) Rent received (taken as Annual Value in the absence of information relating to Fair Rent and Municipal Value) 5,00,000 Less: Deduction u/s 24 (a) 30% of NAV 1,50,000 (b) Interest on loan For purchase of property 7,00,000 For repairs of property [₹ 1,50,000/2] 75,000 9,25,000 (4,25,000) (ii) House property at Jaipur (Let out) Rent received (taken as Annual Value in the absence of information relating to Fair Rent and Municipal Value) 3,20,000 Less: Deduction u/s 24 30% of NAV 96,000 2,24,000 (iii) House property at Mumbai (Self-occupied) Annual Value of self-occupied property Nil Less: Deduction u/s 24(b) Interest on loan for repairs (to be restricted to 30,000) 30,000 (30,000) Loss from house property (2,31,000) As per section 71(3A), loss from house property to be set-off against salary income to the extent of (2,00,000) 33,20,000 Profits and gains of business or profession Speculation business profit 2,30,000 Salary received as partner of firm is taxable in his hands since the entire salary was allowed as deduction in the hands of the firm 50,000 2,80,000 Less: Set-off of loss from textile business to the extent of (2,80,000) Nil Share of loss incurred by the firm in which he is partner cannot be set-off against salary received as partner of firm or any other income, since loss from an exempt source cannot be set-off against profit from a taxable source. Nil Capital Gains Long-term capital gains on sale of equity shares on which STT is paid 7,95,000 Less: Set-off of brought forward short-term capital loss Brought forward short-term capital loss on sale of gold 2,75,000 Brought forward short-term capital loss u/s 111A 25,000 3,00,000 4,95,000 Less: Set-off of balance loss of textile business [₹ 7,50,000 - 2,80,000 - 73,000] (3,97,000) 98,000 Income from Other Sources Interest on fixed deposit 73,000 Less: Set off of loss of textile business against this income would be more beneficial than against LTCG, since it is taxable @30% (73,000) Nil Lottery income 75,000 75,000 Gross Total Income 34,93,000 Less: Deduction under Chapter VI-A Under section 80C Life insurance premium paid Life insurance premium paid to insure the life of her son allowable as deduction even if he is major, resides abroad and is not dependent on her 15,000 Repayment of housing loan 8,25,000 for house property in Delhi, not allowable since loan is taken from a friend Nil 15,000 Total Income 34,78,000 Loss to be carried forward to A.Y.2026-27: Particulars ₹ Loss from house property (₹ 2,31,000 -2,00,000) 31,000