Losses Chapter- 14
Q.15 The holding company can claim the loss surrendered by a subsidiary to the extent of holding ratio
if_____.
(a) It holds at least 75% of share capital of a subsidiary when one company in the group is public
company listed on registered stock exchange
(b) It holds at least 55% of share capital of a subsidiary company when none of the companies in
the group is a listed company
(c) Both ‘a’ and ‘b’
(d) None of the above
Q.16 The holding company or its subsidiary can set off the surrendered loss of a subsidiary
if___.
(a) There is a continued ownership for 5 years of share capital
(b) There is a continued ownership for 6 years of share capital
(c) There is a continued ownership of 3 years of the share capital
(d) None of the above
Q.17 Surrendered loss from a subsidiary shall be claimed by the holding company or its subsidiary
if_____.
(a) There is no change in the business of a subsidiary company
(b) It continues the same business during the period of 3 years from the year in which the loss is
claimed
(c) Both ‘a’ and ‘b’
(d) None of the above
Q.18 Where the loss is reverted back to the subsidiary company after the expiry of the prescribed time for
set off by the holding company the subsidiary may____.
(a) Set off and carry forward the loss up to 3 years from the date it is reverted back
(b) Set off and carry forward the loss up to 6 years from the date it is reverted back
(c) Both ‘a’ and ‘b’
(d) None of the above
Q.19 There can be no loss under the following heads of incomes__.
(a) salary
(b) property
(c) business income under NTR
(d) income from other sourcesQ.20 Loss on disposal of personal assets of a taxpayer ____ be set off and carried forward against any
head of income.
(a) can
(b) cannot
(c) none of above
Q.21 Unabsorbed assessed business losses of preceding years shall be set off _____ the adjustment of
brought forward unabsorbed assessed depreciation allowance.
(a) after
(b) before
(c) at the same time of