Anirudh, resident individual, aged 57 years provides the following particulars of his income/loss, payments made and of receipts for the financial year 2019-20: Particulars Amount (₹) Gross Rent received for let out prop

Computation of Total Income & Tax Liability of Mr. Anirudh [Assessment Year 2020-21] Particulars Amount (₹) Income from House Property Gross Rent Received (GAV) 3,60,000 Less: Standard Deduction at 30% [Section 24(a)] (1,08,000) 2,52,000 Less: Interest paid on Housing Loan [Section 24(b)] (4,80,000) Loss from House Property (2,28,000) Maximum loss allowed to be set off against Income from other sources (2,00,000) Balance loss to be carried forward (28,000) Balance Income Nil Profits and Gains of Business or Profession Loss from cotton trading business (4,30,000) Set off against income from other sources 72,000 Balance loss to be carried forward (3,58,000) Nil Income from Other Sources Cash gifts received from friends 2,72,000 Less: Set off losses from House Property (2,00,000) Less: Set off losses from cotton trade business (72,000) Balance Income chargeable to tax Nil Unexplained Cash Credits as per section 68 15,00,000 Total Income 15,00,000 Tax Liability Particulars Amount (₹) Tax Payable on Income of Cash Credits [₹ 15,00,000 @ 60%] 9,00,000 Add: Surcharge @ 25% 2,25,000 Total Tax and surcharge 11,25,000 Add: Cess at 4% 45,000 Total Tax Liability 11,70,000 Items of loss to be carried forward: Loss from House Property: ₹ 28,000 Loss from cotton trading business: ₹ 3,58,000