Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] Mr. Anirudh
CS Executive · Tax Laws · PYQS · December 2018
Give answer as per provisions contained under the Income-tax Act, 1961 in respect of each of the following questions for the assessment year as 2018-19: [Only the end answer is needed, no working is required] Mr. Anirudh, a resident individual, has computed for the previous year 2017-18, his business loss at ₹ 80,000, short-term capital gain on sale of gold of ₹ 60,000 long-term capital gain on sale of house of ₹3,00,000. State the amount of total income which shall be subject to tax in relevant assessment year.
Answer & Explanation:
The Total Income subject to tax for AY 2018-19 of Mr. Anirudh is ₹2,80,000 (i.e. long term capital gains on sale of house ₹3,00,000 + short term capital gain on sale of gold ₹60,000 – business loss ₹80,000).
Topics: Income Tax Act, 1961
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