576 (Income tax) How to set of losses in the return (CYLA schedule)(Hindi) For ---Amit Goel - Mission ---Make Knowledge free (Best note that i have written tilll date , making concepts very strong ---if possible send me your wishes and try and help others the way i helped you ) By - Amlan Dutta Video Link --- https://youtube/watch?v=aahGYd7huT4 Assesse - individual FY 2012 13 (previous year ) AY 2013 14 Income heads - Salary , House property Goel ji had income from salary 190000 Rs , He had 2 houses ( both under possession , one self occupied and one let out ) (1) Self occupied -----here he had bought the house on loan for which he pays iinterest of 2 lacs annually Here , he can take benefit of interest u/s 24 b of maximum 1.5 lacs So income from House property = -1.5 lacs (2) Let out House ---here get gets rental value 190000 Rs in the year , he pays municipal taxes 10000 Rs So Net annual value = 180000 Rs So , standard deductions available (a) 30 % of NAV = 54000 (B) Interest paid = 246000 So income (loss) from house property = -300000 +180000 =-120000 So total income(loss)from house = -120000 -150000=-270000 Now we have income from salary only 190000 , so loss yptil that extent is adjusted in CYLA schedule by itself (Current year loss adjustment ) Loss of 80000 Rs still remains and is carried forward to the next year FY 2013 14 (AY 2014 15 ) ...this automatically reflects in the CFL (carry lforward loss schedule ) Here GTI (gross total income )which is sum total of income fro0m all heads (here salary and House property ) is 0 So , despite assesse investing in provident fund u/s 80 C 1 lac rs , since sum total of deductions under chapter VI A cant exceed Gross total income , so no benefit can ber taken Sinbce GTI is 0 , so Total income is zero ( Toyal income = GTI - deductions under chapter via ) Tax on total income is as per income slabs , so there is no tax and the loss is carried forward Note for filing loss returns , ensure that return is filed before due date (House loss can be shown in return even after due date , but not business or CG loss ...This is because section 24 which deals with HP loss is independent of section 71 and 72 which deals with det of and carry forward of loss ) Hope this helps , Peace , Amlan (Best note that i have written tilll date , making concepts very strong ---if possible send me your wishes and try and help others the way i helped you )
Posted on: Mon, 02 Jun 2014 04:05:51 +0000
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