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 -
- profits and gains from any business
- profits and gains from any business other than speculation business
- income of speculation business
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
- Only against Short Term Capital Gains
- Against both STCG and LTCG
- Against any head of Income
- None of the above.
Q:3 Loss under the head Capital Gain in a particular asset year can -
- be set-off from other head of income in the same assessment year.
- be carried forward
- neither be set-off nor carried forward
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?
- Business Loss of ₹ 10,000 only
- Business Loss of ₹ 1,10,000 and claim full exemption of other income in the current P.Yr.
- At his option do any of these
Q:5 Loss on account of owning & maintaining the race horses can be carried forward -
- for 8 years
- for 4 years
Q:6 Loss under the head Income from House Property can be carried forward -
- only if the return is furnished before the due date mentioned u/s 139(1)
- even if the return is not furnished
- even if the return is furnished after the due date
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