Jatin submits the following information relevant for the assessment year 2015-16: Short-term capital gains ₹ 1,25,000 Income from owning and maintaining race horses ₹ 20,000 Income from units of mutual fund ₹ 17,000 Long

Computation of Gross total income of Mr. Jatin for the Assessment Year 2015-16 Particulars Amount (in ₹) A. Profits and Gains of Business & Profession Business Profits 14,000 Less: B/F Business Loss from the AY 2013-14 (15,000) Loss to be C/F to next Year (1,000) B. Capital Gains Short-term Capital gains 1,25,000 Long-term Capital Gains 7,000 Less: B/F Long-Term Capital Loss from AY 2012-13 (30,000) Loss to be C/F to next Year (23,000) 1,25,000 C. Income From Other Sources Income from owning and maintaining Race Horses 20,000 Less: B/F Loss from owning and maintaining Race horses from AY 2011-12 27,000 Balance loss cannot be C/F as the limit of 4 Years expired with this AY (7,000) B/F Speculative losses from the AY 2012-13 (35,000) Less: Speculative Incomes - Speculative losses carried forward (35,000) D. Gross Total Income 1,25,000 Note: Income received from units of a mutual fund registered with the Securities and Exchange Board of India is exempt in the hands of the unit holder.