Shashi Bhushan has submitted details of the following income/loss as computed below, for the previous year 2018-19: Loss from let out house property 2,50,000 Loss from non-speculation business 3,20,000 Income from specul

Computation of Total Income of Mr. Shashi Bhushan for the Assessment Year 2019-20 Particulars Amounts (₹) Amounts (₹) Profit and Gains from business or profession Income from speculation business 12,45,000 Less: Set off of loss from non-speculation business (3,20,000) 9,25,000 Less: Set-off of loss from house property, restricted to ₹2,00,000 (2,00,000) 7,25,000 Income from Other Sources Winning from lotteries (Gross) 1,50,000 Winning from bettings 90,000 2,40,000 Gross Total Income 9,65,000 Less: Deduction under chapter VI-A Nil Total Taxable Income 965000 Losses to be carried forward to AY 2020-21 Loss from House Property (₹2,50,000-₹2,00,000)Loss from house property can be set-off against any other head of income to the extent of ₹2,00,000 only. Balance loss not set-off can be carried forward to the next year for set-off against income from house property of that year. Loss from specified business covered by section 35ADLoss from specified business under section 35AD can be set-off only against profits of any other specified 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 specified business, if any, in that year. Since, the return has been filed before the due date; such loss can be carried forward. Loss from card games: Loss from card games can neither be set-off against any other income, nor can it be carried forward.