Case Scenario - II Mr. Satya (aged 59 years) is a resident Indian, opting for optional tax regime of the Income-tax Act, 1961 and provides following information for the Α.Υ.2025-26: (i) Profit from specified business (eligible for deduction u/s 35AD) is ₹6,00,000. (ii) Loss from trading of equity shares of ₹50,000 and from trading of commodity derivatives of ₹75,000. (iii) Taken loan of ₹40 lakh from State Bank of India for purchasing a house of stamp duty value of ₹ 42 lakh in January 2022. He has let out this house in February 2024 for rent of ₹ 15,000 per month. He has paid ₹ 1,60,000 against principal and ₹4,40,000 against interest during the previous year 2024-25. (iv) Loss from betting on horse races ₹25,000. Based on the above information, answer the following MCQ No. 4 to 6 for the assessment year 2025-26.
Sub-questions (3)
What shall be the gross total income in the hands of Mr. Satya?
(A) ₹6,00,000
(B) ₹4,00,000
(C) ₹3,25,000
(D) ₹3,00,000
Compute total income of Mr. Satya for the assessment year 2025-26.
(A) 61,000
(B) ₹3,25,000
(C) 1,25,000
(D) 2,11,000
Which statement is correct in respect of losses to be carried forward in next assessment years?
(A) Loss from trading of equity shares of ₹ 50,000 and loss from betting on horse races of ₹25,000 for 8 years
(B) Loss from trading of equity shares of ₹ 50,000 and loss from trading of commodity derivatives of ₹ 75,000 for 4 years
(C) Loss from trading of equity shares of ₹ 50,000 for 4 years and loss from betting on horse races of ₹25,000 for 8 years
(D) Loss from trading of equity shares of ₹50,000 for 4 years