Ms. Shilpi, aged 28 years, furnishes the following information for the Financial Year 2025-26: Particulars Amount in ₹ Loss from speculation Business-X 85,000 Profit from Speculation Business-Y 45,000 Interest on borrowi

Computation of Total Income of Ms. Shilpi for A.Y. 2026-27 Particulars Amt in ₹ Amt in ₹ Salary from ABC (P) Ltd. 5,25,000 Received Gift from Employer 26,000 Less Standard Deduction u/s 16 (50,000) Taxable Salary 5,01,000 Less: Loss from House Property of ₹ 80,000 to be set off against salary income as it is beneficial to set off against salary as compared to LTCG as LTCG taxable @ 12.5% (80,000) 4,21,000 Income from House Property Income from Let out property (Net) 1,20,000 Less: Loss from self-occupied house property to the extent of ₹ 2 Lakh allowable as deduction u/s 24(b) in respect of interest on borrowings. Balance of ₹ 80,000 to be set off against salary income (1,20,000) Nil Profits and Gains from Business or Profession Profits from speculation Business Y 45,000 Less: Loss of ₹ 85,000 from Speculation business X set off against profit from speculation business Y to the extent of such profit (45,000) Nil Presumptive Income from trading and manufacturing Business 1,00,000 Less: Brought forward business loss of AY 2020-21 set off since the period of 8 years has not expired 1,00,000 Nil Capital Gains Long term capital gain on sale of vacant site taxable @12.5% u/s 112 1,25,000 Less: Short term capital loss on sale of jewellery (65,000) 60,000 Income from Other Sources Interest on PPF Deposit 65,000 Less: Exempt (65,000) Received Gift of Jewellery 3,00,000 Immovable property acquired for inadequate consideration-difference between stamp duty value and purchase price [Since the difference between the Stamp duty value and consideration actually received i.e. ₹ 1,50,000 is not more than higher of the following: ₹ 50,000 10% of the consideration i.e. (24,50,000 x 10% = 2,45,000) Nil 3,00,000 Gross Total Income 7,81,000 Less: Deductions under Chapter VI-A 80C: Contribution in PPF 60,000 80G: Donation to recognized and approved charitable trust (Donation of ₹ 90,000 to be first restricted to ₹ 66,100 being 10% of adjusted total income of ₹ 6,61,000 (₹ 7,81,000 - ₹ 60,000 - ₹ 60,000). Thereafter deduction would be computed at 50% of ₹ 66,100 33,050 (93,050) Total Income 6,87,950 Tax Payable 45,590 LTCG of 60,000 @12.5% : 7,500 Balance ₹ 6,27,950 @ slab rate : 38,090 Add: Health & Education Cess @4% 1,824 Total Tax Liability (Round off) 47,410 Losses to be carried forward to AY 2027-28 Particulars Amt in ₹ Loss from speculation Business X (₹ 85,000 - ₹ 45,000) (Loss from speculation business can be set off only against profits of any other speculation business. If loss cannot be so set off, the same has to be carried forward to the subsequent year for set off against income from speculation business, if any in that year) 40,000