Pratap, aged 40 years, is a salaried employee with Lalit Limited. He has furnished the following details for the financial year 2024-25: S. No. Particulars Amount (₹) (i) Gross salary 10,00,000 (ii) Loss from house prope

Computation of Gross Total Income of Pratap for the A.Y. 2025-26 (Paying tax by opting to shift out of section 115BAC) Particulars Amount (₹) Amount (₹) Gross Salary 10,00,000 Less: - Standard deduction under section 16(ia) (50,000) Income under the head salary 9,50,000 Less: Loss from house property set-off against salary (1,80,000) 7,70,000 Profits and Gains from Business or Profession Income from speculation business 50,000 Less: Loss from a new part time business of trading in marbles of ₹ 3,50,000 set off to the extent of ₹ 50,000 (50,000) Nil Capital Gains Short-term capital loss on sale of property Nil (Short term capital loss of ₹ 3,60,000 cannot be set off against any income other than capital gains, hence ₹ 3,60,000 to be carried forward) Income from other sources Income from transfer of virtual digital assets [(2300-2000) *1000 bit coins] No deduction in respect of any expenditure other than cost of acquisition is allowed. 3,00,000 Income from betting 45,000 Gross Total Income 11,15,000 Loss from specified business covered by section 35AD can be set off only against profits and gains of any other specified business. Therefore, such loss cannot be set off against any other income. The unabsorbed loss has to carried forward for set off against profits and gains of any specified business in the following year. No set off of business loss is allowed against any capital gains or other income from virtual digital assets. No set off of short-term capital loss on sale of property is allowed against any capital gains from virtual digital assets. Loss to be carried forward Amount (₹) Loss from new part time business of trading in marbles 3,00,000 Loss from specified business covered by section 35AD 20,000 Short term capital loss on sale of property 3,60,000