Company Law (07/03/2023)

To carry forward and set off losses, a loss return must be filed by the assessee within the stipulated time and gets the loss determined by the Assessing Officer. However, this condition is not applicable to

• (A) Loss from house property

• (B) Loss from speculation

• (C) Loss from discontinued business

• (D) Loss from capital assets

Unabsorbed loss from house property can be carried forward for

• (A) 4 years

• (B) 8 years

• (C) Indefinite period

• (D) Cannot be carried forward

Loss from speculation business is eligible for carrying forward for a period of

• (A) 4 Years

• (B) 6 Years

• (C) 8 Years

• (D) 12 Years

Which of the following losses available after inter source set-off, cannot be set-off from incomes in other heads in the same assessment year

• (A) Speculation losses

• (B) Loss from specified business

• (C) Loss under the head ‘Capital gains’

• (D) All of the above

No loss can be set off against

• (A) Income from salaries

• (B) Income from house property

• (C) Income from capital gains

• (D) Winnings from lotteries