Ashok aged 54 years, is a salaried employee with TMS Limited. He has furnished the following details for the PY 2025-26: S.No. Particulars Amount in ₹ 1. Gross Salary 18,00,000 2. Business Loss from a new part time busin

Computation of Total Income of Mr. Ashok for A.Y. 2026-27 Particulars Amount in ₹ Amount in ₹ I Salaries Gross Salary 18,00,000 Less: Standard deduction u/s 16(ia) (50,000) 17,50,000 II Profit and gains from business or profession Business loss from part time business (3,50,000) [Loss from business cannot be set off against salary income. Further, no set off of business loss is allowed against any capital gain from virtual digital assets. Therefore, Business loss of ₹ 3,50,000 to be carried forward to A.Y. 2027-28.] III Capital Gains Short term capital loss on sale of property (2,60,000) [STCL cannot be set off against any income other than Capital gains. Therefore, short term capital loss of ₹ 2,60,000 to be carried forward to A.Y. 2027-28]. Note: It is not eligible for set off against capital gain arising from transfer of virtual digital asset. Capital Gains Income from transfer of virtual digital assets (₹1,300 - ₹ 1,000) x 1,000 bib coins) 3,00,000 [No deduction in respect of any expenditure other than cost of acquisition is allowed) Total Income 20,50,000