Mr. Vipul furnished the following details for the previous year 2025-26: (i) Loss from House Property (computed) in India - 2,60,000 (ii) Income…

Computation of Gross total income of Mr. Vipul for the A.Y. 2026-27 Particulars Amount (₹) Amount (₹) (i) Profits and gains of business or profession Income from business in India 8,60,000 Less: Set-off of loss from activity of owning and maintaining camel for races 20,000 8,40,000 Less: Loss from house property of 2,60,000 can be set-off against any other head of income to the extent of 2,00,000. 2,00,000 Note – Loss from activity of owning and maintaining camel for races and loss from house property can first be set off against short term capital gains and then against business income. 6,40,000 Less: Unabsorbed loss from textile business pertaining to A.Y. 2014-15 cannot be set-off against the business income of the A.Y. 2026-27, since loss can be carried forward for a maximum of eight assessment years. (ii) Capital Gains Short Term Capital Gain on sale of equity shares listed in a recognized stock exchange (STT paid) 1,99,800 Less: Short-term capital loss of A.Y. 2018-19 90,200 1,09,600 Long term capital Gain on Sale of land 25,000 Less: Long-term capital loss pertaining to A.Y. 2017-18 cannot be set-off against LTCG of the A.Y. 2026-27, since such loss can be carried forward for a maximum of eight assessment years. - 25,000 (iii) Income from other sources Income from card game 1,02,500 Income from Lottery [Expenses of Lottery income are not allowed as a deduction] [₹ 38,500/(100-30)] 55,000 Income from the activity of owning and maintaining race horses 97,800 Income of 15,000 of minor daughter Riya from script writing for television serials [Income derived by a minor child from any activity involving application of his/her skill, talent, specialized knowledge and experience is not to be included in the hands of the parent] - Income of 2,50,000 of minor son Saurabh who suffers from disability specified in section 80U [Since minor child Saurabh is suffering from disability specified under section 80U, hence, his income would not be included in the income of the parent but would be taxable in the hands of the minor child] - 2,55,300 Gross Total Income 10,29,900