LOSSES

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Q1: Loss from a speculation business can be set off from:

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Q2: Intra head set off is done under section:

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Q3: Which of the following is correct?

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Q4: Inter head set off can be availed under section 71 before availing the intra head set off under
section 70.

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Q5: Loss on account of owing & maintaining the race horses can be set off from:

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Q6: Short-term capital loss can be set off from:

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Q7: Loss under the head capital gains can:

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Q8: During the previous year if assessee has incurred loss from his business amounting to
Rs. 1,10,000 whereas his income from house property in Rs. 1,10,000. The assessee can:

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Q9: Loss under the head business and profession can be set off from

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Q10: Compute the taxable income of Mr. J If his Income from salary is Rs. 4,00,000 and Loss from self-occupied property Rs. 2,70,000

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Q11: Section 70 enables set off of losses under one sources of income against income from any other
source under the same head. The exceptions to this section are

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Q12: Losses from specified business u/s 35AD can be set off from income from

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Q13: First item in order of priority of set off between unabsorbed depreciation, capital
expenditure on scientific research, current year depreciation, and brought forwarded business loss is

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Q14: Calculate PGBP income: Speculation business Rs. 2,00,000; Trading business (Rs. 1,00,000)

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Q15: Calculate PGBP income: Speculation business (Rs. 1,00,000); Trading business Rs. 2,00,000

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Q16: Calculate capital gains income: LTCG (Rs. 1,00,000); STCG Rs. 2,00,000

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Q17: Calculate capital gains income: LTCG (Rs. 1,00,000); LTCG Rs. 2,00,000

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Q18: Calculate house property income: House Property SO (Rs. 1,50,000); House Property LO Rs. 2,00,000

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Q19: Calculate PGBP income: Cloth business (Rs. 50,000); Steel business Rs. 75,000

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Q20: Calculate PGBP income: Speculation business income Rs. 2,00,000 Normal business income
(Rs. 1,25,000)

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Q21: Calculate speculative income: Speculative in FOREX (Rs. 2,00,000) Speculative in Shares Rs. 5,00,000

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Q22: Calculate capital gain: LTCG on Sale of House Rs. 2,00,000; LTCG on Sale of Gold (Rs. 1,00,000)

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Q23: Calculate income of card games: Card Games on Diwali Night (Rs. 50,000); Card Games on New
Year Night Rs. 80,000

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Q24: Calculate income from other sources. Dividends from Indian Company Rs. 5,000; Card
Games (Rs. 10,000)

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Q25: Calculate total income. PGBP (Rs. 2,00,000); CG Rs. 3,00,000

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Q26: Calculate total income. PGBP Rs. 3,00,000; CG (Rs. 2,00,000)

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Q27: Calculate total income. CG (Rs. 2,00,000); Speculation business Rs. 3,00,000

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Q28: Calculate total income. CG Rs. 3,00,000; Speculation business (Rs. 2,00,000)

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Q29: Calculate total income. Agriculture income (Rs. 2,00,000); Trading business Rs. 3,00,000

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Q30: Calculate total income. Agriculture Income Rs. 3,00,000; Trading business (Rs. 2,00,000)

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Q31: Calculate total income. PGBP (Rs. 37,000); Lottery Rs. 1,00,000

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Q32: Calculate total income. Speculative business Rs. 2,00,000; House property (Rs. 1,50,000)

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Q33: Calculate total income. HP income (Rs. 1,50,000) LTCG income Rs. 2,00,000

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Q34: Mr. X incurred long-term capital loss from sale of listed shares in recognized stock exchange
and STT is paid at the time of acquisition and sale of such shares. Such loss

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Q35: Loss from house property of Rs. 3,10,000 of AY 2019-2020 is allowed to be set-off against income
from house property of AY 2021-2022 of Rs. 5,00,000 to the extent of

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Q36: Business loss of the current year cannot be set-off against

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Q37: Choose the most appropriate answer from the given options: Short-term capital loss can be set-off from

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Q38: If a person is eligible to claim:
(1) Brought forward Unabsorbed depreciation
(2) Current scientific research expenditure
(3) Current depreciation
(4) Brought forward business loss
The order of priority to set-off would be

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Q39: No loss can be set-off against

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Q40: Mr. J for the previous year has (i) business loss of Rs. 1,30,000; (ii) income from salary Rs. 2,40,000; and
(iii) Speculation gain of Rs. 1,10,000. His total income for income tax assessment is

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Q41: GGC (P) Ltd. engaged in chain cold storage (which is a specified business u/s 35AD) has
brought forward business loss of Rs. 12,00,000 relating to AY 2019-2020. During the PY 2020-2021, its
income from the said business is Rs. 9,00,000. It also has profit from trade in food grains of Rs. 6,00,000.
The total income of the company for the AY 2021-2022 i.e. PY 2020-2021 is:

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Q42: Rohan engaged in multifarious activities reports the following:
(i) Unabsorbed depreciation Rs. 80,000
(ii) Loss from house property Rs. 1,20,000
(iii)Long-term capital loss Rs. 70,000
He filed his return beyond the ‘due date’ specified in section 139(1). Which of the above loss(es) cannot
be carried forward to subsequent assessment year?

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Q43: Loss under the head of house property:

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Q44: Speculation loss can be carried forward for the maximum of:

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Q45: Loss from house property can be carried forward and set off in the subsequent 8 Assessment years:

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Q46: For carry forward of loss under various heads the assessee shall file a return of loss under section
139(3) of Income Tax Act, 1961 within the prescribed time limit except:

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Q47: The loss is allowed to be carried forward only when an assessee has furnished:

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Q6: Loss on account of owing & maintaining the race horse can be carried forward:

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Q7: Brought forward loss of business and profession:

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Q50: Loss of specified business under section 35AD can be carried forward:

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Q51: Losses from business other than speculative business, owning and maintaining race horses and
specified business u/s 35 AD can be carried forward for

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Q52: Losses from speculative business, losses of owning and maintaining race horses and losses of
specified business u/s 35 AD can be carried forward and set off from income

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Q53: Loss from lottery, gambling and card games can be carried forward for

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Q54: During the AY 2021-2022 i.e. PY 2020-2021, Mr. J has following incomes and brought forward
losses: Short term capital gains on sale of shares (STT not
paid) Rs. 1,50,000, Long term capital loss of AY 2019- 2020 (Rs. 96,000), Short term capital loss of AY 2019-
2020 (Rs. 37,000). What is the capital gain taxable in the hands of Mr. J and how much loss can be carried
forward to the AY 2022-2023

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Q55: During the AY 2021-2022 i.e. PY 2020-2021, Mr. J has following income and brought forward
losses: Long term capital gain Rs. 1,75,000, Long term capital
loss of AY 2019-2020 (Rs. 96,000), Short term capital loss of AY 2019-2020 (Rs. 37,000). What is the capital
gain taxable in the hands of Mr. J and how much loss can be carried forward to the AY 2021-2022?

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Q56: What is the taxable income and losses to be carried forward of Mr. J for the AY 2021-2022 i.e.
PY 2020-2021? Income from non-speculation business Rs. 60,000; loss
from non-speculation business (Rs. 40,000); short term capital gain Rs. 80,000; long term capital
loss of AY 2016-2017 (Rs. 30,000)

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Q57: Compute the total income and losses to be carried forward of Mr. J for the AY 2021-2022 i.e.
PY 2020-2021. Loss from profession Rs. 1,05,000; short term capital
loss on the sale of property Rs. 55,000; Long term capital gains on sale of shares Rs. 2,05,000
(STT not paid); winnings from lotteries Rs. 1,00,000; loss from horse races in Mumbai Rs. 40,000

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Q58: According to section 80, no loss shall be carried forward for which ITR has not been filed under section 139(3). The exceptions are

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Q59: Brought forward loss from house property can be set-off

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Q60: A business loss can be carried forward and set off in the subsequent assessment year when the
business on account of which this loss has arisen:

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Q61: A business loss other than loss form a specified business referred to in section 35AD can
be carried forward for maximum of

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Q62: Loss from specified business referred in section 35AD can be carried forward and set off
from

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Q63: If an individual, having a sales turnover of Rs. 60,00,000 files his ITR for the assessment year
2021-2022 after the due date, showing unabsorbed business loss of Rs. 23,000 and unabsorbed
depreciation of Rs. 45,000, he can carry forward to the subsequent assessment years

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Q64: A partnership firm with 4 equal partners has brought forward depreciation of Rs. 3,00,000 and
business loss of Rs. 3,00,000 relating to AY 2020-2021, On 1/4/2020, two partners retired. The amount
that assessee firm can set-off against its income for the AY 2021-2022 would be:

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Q65: For the PY 2020-2021 an assessee suffered a business loss of Rs. 2,50,000. His income from other
sources is Rs. 1,80,000. His due date of return was 31/7/2021 but he submitted the return on 9/9/2021.
The assessee in this case

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Q66: Mr. J discontinued wholesale trade in medicines from 1/7/2018. He recovered Rs. 1,50,000 in
October, 2020 being a bad debt which was writtenoff and allowed in AY 2019-2020. He has eligible
brought forward business loss of wholesale trade in medicines of Rs. 1,70,000. The consequence of bad
debt recovery is that

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Q67: The amount of depreciation not absorbed in the same year can be carried forward