Ramesh, a resident individual, submits the following information for the financial year 2025-26: Particulars Amount (₹) Income from house property (Net) 60,000 Business A Loss of the current year 2025-26 48,000 Brought f

Computation of the Gross Total Income of Ramesh for the assessment year 2026-27 Particulars Amount (₹) Amount (₹) Amount (₹) Income from House Property 60,000 Income from Business & Profession Profit of business B for the year 2025-26 1,50,000 Profit of business C for the period 1st April, 2025 to 10th April, 2025 10,000 1,60,000 Less: Loss of business A for the year 2025-26 (48,000) Current year business profit after set-off of current year losses 1,12,000 Less: Set-off of Brought forward loss of Business A 40,000 Less: Set-off of Brought forward loss of Business C 49,000 Less: Set-off of Brought forward loss of Business D 23,000 Though business D was not in existence during the previous year 2025-26, yet brought forward business loss of year 2024-25 can be set off against the income of the assessment year 2026-27. Maximum available loss to set-off is ₹ 23,000. Balance will be carried-forward for the succeeding year(s). Net Income from Business after set-off of brought forward business loss (1,12,000) Nil (The unadjusted brought forward business loss (i.e., ₹1,34,000 - ₹1,12,000 = ₹22,000) can be carried forward. 22,000 Income from Capital Gain Long-term capital loss on sale of shares (Loss under the head 'Capital gains' of ₹15,000 can be carried forward to the next year for set off against long-term capital gain. Nil Income from other sources Interest on debentures held as investments 90,000 Loss from the business of owning and maintaining horse race Nil (Not to be set-off against any other Income. However, carry-forward of loss ₹9,000 for next 4 assessment years and set-off against the same income from Horse Race in future years) Gross Total Income 1,50,000