Mr. Ramesh furnishes the following details for year ended 31.03.2025 : Particulars Amount (₹) Short Term Capital Gain 3,80,000 Loss from Speculative Business 1,50,000 Long Term Capital Gain on Sale of Land 60,000 Long Te

Computation of Total Income of Mr. Ramesh for the A.Y. 2025-26 Particulars Amount (₹) Amount (₹) Income from Salary (computed) 2,00,000 Less: Loss from let-out house property (80,000) 1,20,000 Profit and gains of business or profession Income from textile business 1,00,000 Less: brought forward loss of ₹ 1,20,000 from textile business set-off to the extent of ₹ 1,00,000 (1,00,000) Nil Share of loss from firm not allowed to be set-off Nil Capital Gain Short term capital gain 3,80,000 Long-term capital gain on sale of land 60,000 Less: Long term capital loss of ₹ 3,00,000 on sale of shares set-off to the extent of ₹ 60,000 (60,000) Nil Balance loss of ₹ 2,40,000 to be carried forward to A.Y 2026-27 and upto AY 2033-34 Gross Total Income 5,00,000 Losses to be carried forward to A.Y. Particulars Amount (₹) Loss from speculative business: Loss from speculation business cannot be set-off against any income other than profit and gains of another speculation business. Such loss can, however, be carried forward upto A.Y. 2029-30 for set-off against income from speculation business of that year. 1,50,000 Long term capital loss on sale of shares: Balance loss cannot be set-off against short term capital gain or against any other head of income. The same has to be carried forward for set-off against long-term capital gain of the subsequent assessment year upto AY 2033-34. 2,40,000 Balance brought forward loss of ₹ 20,000 from textile business: Such business loss cannot be carried forward since business loss can be carried forward for a maximum of eight assessment years immediately succeeding the assessment year for which the loss was first computed and A.Y. 2025-26 is the eighth year. Nil