MCQ for CA Intermediate TAXATION - Chapter 6 - AGGREGATION OF INCOME, SET-OFF AND CARRY FORWARD OF LOSSES

Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 4 - TAXATION - Chapter 6: AGGREGATION OF INCOME, SET-OFF AND CARRY FORWARD OF LOSSES - For Practice relevant for May/November 23 Examinations

Q:1 Loss from a speculation business of a particular A.Y. can be set-off in the same A.Y. from -

  1. profits and gains from any business
  2. profits and gains from any business other than speculation business
  3. income of speculation business

Answer: 3

Q:2 Mr. B incurred Short Term Capital Loss of ₹ 10,000 on Sale of Shares through the National Stock Exchange. Such Loss can be set-off

  1. Only against Short Term Capital Gains
  2. Against both STCG and LTCG
  3. Against any head of Income
  4. None of the above.

Answer: 2

Q:3 Loss under the head Capital Gain in a particular asset year can -

  1. be set-off from other head of income in the same assessment year.
  2. be carried forward
  3. neither be set-off nor carried forward

Answer: 2

Q:4 During the previous year an Assessee has incurred loss from his business amounting to ₹ 1,10,000 whereas his Income from House Property is ₹ 1,00,000. Which of the following is correct?

  1. Business Loss of ₹ 10,000 only
  2. Business Loss of ₹ 1,10,000 and claim full exemption of other income in the current P.Yr.

 

  1. At his option do any of these

Answer: 1

Q:5 Loss on account of owning & maintaining the race horses can be carried forward -

  1. for 8 years
  2. for 4 years
  3. indefinitely

Answer: 2

Q:6 Loss under the head Income from House Property can be carried forward -

  1. only if the return is furnished before the due date mentioned u/s 139(1)
  2. even if the return is not furnished
  3. even if the return is furnished after the due date

Answer: 3

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