Set-off and Carry forward of Loss

Q1. Which of the following does not come under businesses specified u/s 35AD-

• a. Production of fertilizers

• b. Bee-keeping and production of honey and beeswax

• c. Owning and maintenance of race-horses

• d. Housing projects relating to slum development and notified by the Board

Q2. Loss from Salary can be setoff against which of the following heads-

• a. PGBP

• b. STCG

• c. LTCG

• d. None

Q3. An assessee wants to deduct amout of Rs. 50,000 which he had taken as loan to buy tickets for lottery. How much amount would you allow him to deduct from his winnings of Rs. 5 Lakh in the lottery?

• a. All of Rs. 50,000

• b. 30% of 50,000 i.e., 15,000

• c. 50% of Rs. 50,000 i.e., 50,000

• D. Not allowable

Q4. Loss from House Property can be setoff against Income from Casual Income?

• a. Yes

• b. No

• c. Up to a certain monetary limit

• d. May be

Q. Loss from exempt income u/s 10 can be setoff upto a limit of Rs. _____

• a. Rs. 2,00,000

• b. Rs. 5,00,000

• Rs. 10,00,000

• d. Not allowable