Quiz for the week (09 Feb 2026) :
Nilesh carried on a textile business in respect of which he had eligible business loss of Rs.12 lakhs as on 1st April,2023 (FY 2022-23). Nilesh suffered business loss of Rs.6 lakhs and Rs.8 lakhs in the said business for the FY 2023-24 and FY 2024-25 respectively. He gifted Rs.50 lakhs to his wife 20th March, 2023 who commenced yet another business w.e.f. 10th April, 2023. Mrs. Nilesh earned profit of Rs.10 lakhs and Rs.15 lakhs for the FY 2023-24 and FY 2024-25 respectively. She did not withdraw any amount from her business nor made any further capital contribution. Decide the total income of Nilesh and Mrs. Nilesh for the AY 2024-25 and AY 2025-26.
Share your thoughts on the above on or before 16th February, 2026.