topic Set-Off & Carry-Forward Of Losses jan26

a) ₹ 70,000; ₹ 70,000

b) ₹ 1,10,000; ₹ 40,000

c) ₹ 1,00,000; ₹ 30,000

d) ₹ 1,00,000; ₹ 40,000

None

a) ₹ 2,00,000

b) ₹ 3,00,000

c) Nil

d) ₹ 1,00,000

None

3. In the following case, income of card games will be: Loss From Card Games on Diwali Night – ₹ 50,000; Card Games on New Year Night – ₹ 80,000

a) ₹ 50,000

b) ₹ 80,000

c) ₹ 1,30,000

d) None of the above

None

4. Mr Ravi incurred loss of ₹ 4 lakhs in PY 2024-25 in retail trade business. Against which of the following incomes earned during the same year, can he set-off such loss?

a) Profit of ₹ 1 lakh from wholesale cloth business

b) LTCG of ₹ 1.5 lakh on sale of land

c) Speculative business income of ₹ 40,000

d) All of the above

None

a) First from (ii) and thereafter from (i); the remaining loss has to be carried forward.

b) First from (i) and thereafter from (ii) and (iii)

c) First from (i) and thereafter from (iii); the remaining loss has to be carried forward

d) First from (i) and thereafter from (ii); the remaining loss has to be carried forward

None

6. Mr Rajan incurred loss of ₹ 5.3 lakh in the PY 24-25 in toy business. Against which of the following incomes earned during the same year, can he set-off such loss?

a) Profit of ₹ 2 lakh from wholesale cloth business

b) Speculative business income of ₹ 80,000

c) LTCG of ₹ 1.20 lakhs on sale of land

d) All of the above

None

7. In respect of loss from house property, which of the following statements are correct?

a) While computing income from any house property, the maximum interest deduction allowable u/s 24 is ₹ 2 lakhs

b) Loss from house property relating to a particular year can be set-off against income under any other head during that year only to the extent of ₹ 2 lakhs

c) The loss in excess of ₹ 2 lakh, which is not set-off during the year, can be carried forward for set-off against any head of income in the succeeding year(s)

d) All of the above

None

8. Virat runs a business of manufacturing of shoes since PY 2022-23. During PY 2022-23 and PY 2023-24, Virat had incurred business losses. For PY 2024-25, he earned business profit (computed) of ₹ 3 lakhs. Considering he may/may not have sufficient business income to set off his earlier losses, which of the following order of set off shall be considered: (He does not have income from any other source)

a) First adjustment for loss of PY 22-23, then loss for PY 23-24 and then unabsorbed depreciation, if any.

b) First adjustment for loss of PY 23-24, then loss for PY 22-23 and then unabsorbed depreciation, if any.

c) First adjustment for unabsorbed depreciation, then loss of PY 23-24 and then loss for PY 22-23, if any.

d) First adjustment for unabsorbed depreciation, then loss of PY 22-23 and then loss for PY 23-24, if any.

None

a) Total income ₹ 2L and loss from house property of ₹ 2.5L and business loss of ₹ 20,000 to be carried forward to subsequent assessment year.

b) Total income ₹ 80,000 and loss from house property of ₹ 2.3L to be carried forward to subsequent assessment year.

c) Total income ₹ 1.8L and loss from house property of ₹ 2.3L and business loss of ₹ 20,000 to be carried forward to subsequent assessment year.

d) Total income is Nil and loss from house property of ₹ 70,000 to be carried forward to subsequent assessment year.

None

10.

a) ₹ 4,40,000

b) ₹ 3,20,000

c) ₹ 1,60,000

d) ₹ 4,80,000

None

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Topic - Set-Off & Carry-Forward Of Losses (Sections 80C TO 80U)

Topic -
Set-Off & Carry-Forward Of Losses
(Sections 80C TO 80U)