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 in .....

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..... vestment 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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..... Reply By Hari Beldona - The Reply = 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 secti .....

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..... on. 72. You have to pay tax on entire 24 lakhs under salary income - Reply By Ganeshan Kalyani - The Reply = Yes, entire amount is taxable. - Reply By Ramaswamy S - The Reply = Under salary there .....

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..... 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 sa .....

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..... lary income. Regards S.Ramaswamy - Reply By Ganeshan Kalyani - The Reply = Yes , Sir. I agree. - Reply By Sebastian cs - The Reply = Thank you sirs you all have been a great help!! - Income tax .....

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..... query - Query Started By: - Sebastian cs Dated:- 14-11-2017 Income Tax - Got 5 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management .....

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..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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