set off after 13 slide

1. Choose the correct answer from the following:

• A. Loss from business of owning and maintaining Racehorses can be setoff against any income.

• B.Speculation business loss can be set off only against speculation business income

• C. Loss from lottery, card games etc. can be set off against any income.

• 1.  D. Long-term capital loss can be set off against long-term or short-term capital loss.

2. Loss arising under the head capital gain cannot be set-off against-

•   A . Income under the head salaries.

• B.Income under the head "Profits and gains of business or profession".

• C. Income under the head house property

• D. All of the above

3. Loss arising from specified business can be set-off from -

• A. General business profits

• B.Speculation business profits

• C. Both general business profits and speculation

• D. Profits of specified business profit

4. Short-term capital loss can be set-off against:

• A. Short term capital gain

• B. Long-term capital gain

• C. Income under any other head

• D. both (a) & (b)

5. Loss incurred in activity of owning and maintaining race horses can be set-off against only:

• A. Any Income under the head 'Income from other Sources'.

• B. Only income from owning and maintaining race horses.

• C. Income from speculation business.

• D. Income under the head house property.

6. Mr.Q has profit from speculation business Rs.`80,000; Profit from business A Rs.`1,00,000; Loss from business B Rs.`1,50,000

find out his Gross total income for Assessment year 2022-23.

• A. Rs.`80,000

• B. Rs.`1,00,000

• C. Rs.`1,50,000

• D. Rs.`30,000

7. Inter source adjustment – under same head u/s 70 is also known as Intra head adjustment

  

• a. true

• b. false

8. No loss can be set off against winnings from lotteries, crossword puzzles, Casual Income

• a. true  

• b. false

9. Loss from crossword puzzles 1 can be set off against income from crossword puzzle 2

• a. true  

• b. false