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Income tax query, Income Tax

Issue Id: - 113040
Dated: 14-11-2017
By:- Sebastian cs
Income tax query

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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??

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Showing Replies 1 to 5 of 5 Records

1 Dated: 14-11-2017
By:- Hari Beldona

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

2 Dated: 14-11-2017
By:- Ganeshan Kalyani

Yes, entire amount is taxable.

3 Dated: 14-11-2017
By:- Ramaswamy S

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.



4 Dated: 15-11-2017
By:- Ganeshan Kalyani

Yes , Sir. I agree.

5 Dated: 11-12-2017
By:- Sebastian cs

Thank you sirs you all have been a great help!!


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