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TMI BlogIncome tax queryX X X X Extracts X X X X X X X X Extracts X X X X ..... Income tax query X X X X Extracts X X X X X X X X Extracts X X X X ..... lary 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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?? Reply By Hari Beldona: The Reply: As there is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der salary income Reply By Ganeshan Kalyani: The Reply: Yes, entire amount is taxable. Reply By Ramaswamy S: The Reply: Under salary there is a limit on all exemptions. However tax is payable on e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntire 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 Reply By Ganeshan Kaly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ani:
The Reply:
Yes , Sir. I agree.
Reply By Sebastian cs:
The Reply:
Thank you sirs you all have been a great help!! X X X X Extracts X X X X X X X X Extracts X X X X
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