Set off or Carry forward of losses – Test 1

Loss from speculation business ___ be adjusted against the income from non-speculation business

Loss from lotteries is _______ to be set off from the income earned from winning of lotteries

Long term capital loss can be set off against

Loss from business cannot be set off against

Loss under the head House Property is allowed to be set off from any other head

Ram. owner of a house property, incurs loss of Rs.5,00,000 from such house property. He has filed his return of loss u/s 139(1) after the due date. Will he be eligible to carry forward his loss of Rs.5,00,000 ?

Loss from house property, if not set off in the same assessment year, can be carried forward upto

As per section 32(2), which of the following can be carried forward in case the property is inherited by the legal heir ?

Business loss which was incurred in previous year 2018-19, can be carried forward till the assessment year

The loss from a speculation business is allowed to be set off from the profits or gains of _____in the same year and if losses cannot be set off fully, then such losses can be carried forward for a maximum period of

A is engaged in derivative trading on a recognised stock exchange and incurs a loss of Rs.5,00,000. He has other business profit of manufacturing business amounting to Rs.3,00,000. Taxable income will treated as

If in any assessment year, short term and long-term loss has been incurred under the head “Capital Gains” then such loss, can be carried forward

The loss arising from capital gain can be carried forward to a maximum of

As per section 74A, loss arising from owning and maintaining race horses can be carried forward to a maximum of ________ immediately succeeding the assessment year for which such loss was first calculated

Section 72A, does not cover carry forward of business loss and unabsorbed depreciation in case of

As per section 72A, unabsorbed depreciation of an amalgamating company can be carried forward for

Arvind incurred short-term capital loss of of Rs.20,000 on sale of shares through the National Stock Exchange. Such loss can

S, who incurs a loss of Rs.4,00,000 from his house property in the in the previous year 2018-19 will be allowed to set off such loss from the gain or income on house property of Rs,3,50,000, to the extent of

Intra head adjustment mean

A has two business (either both of business can be considered as speculative business/ or both can be considered as non-speculative business), one of which has a loss of Rs.5,00,000 and the other one has an income of Rs.2,00,000. His taxable income would be

In which of the following cases, would loss from one source, not be allowed to be set off against other income falling under the same head of income ?

Sunil has two business, Business trading of goods has a profit of Rs.5,00,000 and the other one, for purchase and sale of shares which is settled otherwise than by actual delivery, has a loss of Rs,2,00,000. His taxable income would be

Which of the following will not be treated as speculative business ?

Jamil has a loss of Rs.5,00,000 from the activity of owning and maintaining race horses. He also has a profit of Rs.10,00,000 from the activity of trading in goods through delivery. His taxable income would be

Saleem has a loss of Rs.5,00,000 from the activity of owning and maintaining race horses in Delhi and he also has a profit of Rs.10,00,000 from the activity of owning and maintaining race horses in Mumbai. His taxable income would be

Saleem has a short-term capital loss of Rs.5,00,000 from Capital Asset. A and he also has a short-term capital gain of Rs.10,00,000 from sale of Capital Asset B. His taxable income would be

Rahim has a short-term capital loss of Rs.5,00,000 from Capital Asset A and he also has a long term capital gain of Rs.10,00,000 from sale of Capital Asset B. His taxable income would be

Tamim has a long term capital loss of Rs.5,00,000 from Capital Asset A and he also has a long term capital gain of Rs.10,00,000 from sale of Capital Asset B. His taxable income would be

Shane has a long term capital loss of Rs.5,00,000 from Capital Asset A and he also has a short-term capital gain of Rs.10,00,000 from sale of Capital Asset B. His taxable income would be

Ghulam has a business loss of Rs.5,00,000. Certain income of his minor child amounting Rs.15,00,000 was also clubbed in his hands under the income tax provisions as business income. His taxable income would be