Kiran, a resident aged 50 years, furnishes the following information for the year ended on 31-03-2026: Particulars Amount (₹) Salary (Gross)…

Computation of total income of Mrs. Kiran for A.Y.2026-27 Particulars Particulars ₹ Salary Gross salary 2,75,000 Less: Standard deduction under section 16(ia) 75,000 2,00,000 Income from house property Interest on loan paid for self occupied house property [Not allowable under section 115BAC] - Loss from let out house property 2,85,000 [Loss from house property is not allowed to be set off against income under any other head nor carried forward while computing income under section 115BAC.] 2,85,000 Profits and gains from business and profession Income from sale of rubber products from rubber plants [₹ 70,000 (35% of 2,00,000) is business income and - 1,30,000 (65% of 2,00,000) is agricultural income which is exempt from tax] 70,000 Business Income - Retail business 1,20,000 1,90,000 Less: Set-off of wholesale business loss of 1,00,000 1,00,000 90,000 Less: Set-off of brought forward business loss of 1,35,000 of A.Y.2023-24 allowable to the extent of 90,000 by virtue of section 72(1) [Balance brought forward business loss of 45,000 (i.e., 1,35,000 - 90,000) to be carry forward to A.Y. 2027-28 for set-off against business income of that year] 90,000 Nil Capital Gains Long-term capital gain on sale of listed equity shares on which STT is paid 2,00,000 Less: Set-off of short term capital loss of 1,10,000 1,10,000 90,000 Income from Other Sources Dividend from Indian companies [13,500/90 x 100] 15,000 Lottery winnings 45,000 Income of minor son from special talent [Not included in Kiran's income since it is earned from special talent] - Interest from bank received by minor son on deposit made out of his income from special talent [Includible in the income of Mrs. Kiran, since her income is higher than of her husband] 10,000 Less: Exemption under section 10(32) [Not allowable under section 115BAC] - 70,000 Gross Total Income 3,60,000 Less: Deduction under section 80C [Not allowable under section 115BAC - Total Income 3,60,000