Nisha, a resident individual, provides following details of her income/losses for the year ended 31.03.2023: S. No. Particulars Amount (₹) 1. Long-term capital gain on sale of equity shares computed in accordance with se

Computation of Gross Total Income of Ms. Nisha for A.Y. 2023-24 Particulars Amount (₹) Amount (₹) Income from Business or Profession: Salary received from partnership firm 60,000 Loss incurred by firm, in which she is a partner (loss from a partnership firm cannot be set off against business income, since share of income of the firm is exempt u/s 10(2A) Speculation profit 2,40,000 3,00,000 Less: Loss from sugar business ₹8,70,000 (set off to the extent of business income of ₹3,00,000) (3,00,000) Nil Balance loss (₹8,70,000 - ₹3,00,000 i.e. ₹5,70,000) to be set off from income from other sources to the extent of ₹73,000 and remaining loss from income under the head capital gains i.e. ₹4,97,000. Capital Gains: Long term capital gain on sale of equity shares computed as per section 112A 9,95,000 Less: Loss from sugar business (current year loss is to be given priority over set off of brought forward loss) (4,97,000) Less: Brought forward short-term capital loss on sale of gold (2,30,000) Less: Brought forward loss on sale of equity shares of the nature specified u/s 111A (25,000) 2,43,000 Income from other sources Interest from fixed deposit 73,000 Less: Loss from sugar business (73,000) Winning from lottery (75000/70 x 100) 1,07,143 Gross Total Income 3,50,143