| Discussions Forum | ||||||||||
Home  Forum Income Tax This
|
||||||||||
| A Public Forum. Anyone can participate to share knowledge. |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| We acknowledge the contributions of Experts/ Authors. | ||||||||||
Submit new Issue / Query |
||||||||||
Income tax query, Income Tax |
||||||||||
|
||||||||||
Income tax query |
||||||||||
Sir, if i invest say 1 lakh a month from a salary of say 2 lakh from april 2017 to jan 2018 i.e in a period of 10 months i have invested 10 lakhs from my income of 20 lakhs and as of march 2018 the investment has lost its value and is about only 2 lakhs (i.e i have lost 8 lakhs) so would i have to pay Income tax for the entire 24 lakhs i earned or would i have to pay for 16 lakhs that i have?? Posts / Replies Showing Replies 1 to 5 of 5 Records Page: 1
As there is no transfer of capital asset i.e investment of. RS 10 lakhs hence there is no capital gain/loss and such loosing of value cannot be setoff as per section. 72. You have to pay tax on entire 24 lakhs under salary income
Yes, entire amount is taxable.
Under salary there is a limit on all exemptions. However tax is payable on entire amount of salary. Investment (others) may be under a different head of income (capital gains) and the same cannot be set off against salary income. Regards S.Ramaswamy
Yes , Sir. I agree.
Thank you sirs you all have been a great help!! Page: 1 Old Query - New Comments are closed. |
||||||||||
