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CA Inter Aggregation of Income, Set Off of Losses and Deductions — practice questions

Explore 84 free Aggregation of Income, Set Off of Losses and Deductions questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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Aggregation of Income, Set Off of Losses and Deductions questions and exercises with answers

Showing questions 1–30 of 84.

Under section 60, who is taxed on income from a transfer without any asset transfer?Read the answer and worked solution →Income arising from a revocable transfer of assets is taxed as the income of:Read the answer and worked solution →A transfer is deemed revocable if it contains a provision for:Read the answer and worked solution →Which feature also makes a transfer revocable?Read the answer and worked solution →Which of these is expressly included in the meaning of 'transfer' for sections 60 to 62?Read the answer and worked solution →Section 62 relief needs the transferor to get what from the income?Read the answer and worked solution →Under section 62(2), income returns to the transferor when:Read the answer and worked solution →A spouse's salary from a concern of substantial interest is:Read the answer and worked solution →A qualified wife's fees from her husband's concern, earned solely by her skill, are:Read the answer and worked solution →Under 64(1)(ii), the remuneration is clubbed with the spouse having:Read the answer and worked solution →Once clubbed, spouse remuneration shifts to the other spouse only if:Read the answer and worked solution →An individual has substantial interest in a company if shares carry at least what share of voting power?Read the answer and worked solution →In a firm, substantial interest means entitlement to at least what share of profits (with relatives)?Read the answer and worked solution →Which shares are ignored in the voting-power test?Read the answer and worked solution →Income from assets given to a spouse escapes clubbing if given:Read the answer and worked solution →Clubbing under section 64(1)(iv) is excluded for a spouse transfer made in connection with:Read the answer and worked solution →Assets given to an AOP: income is clubbed if it benefits whom?Read the answer and worked solution →A spouse puts Rs 2 lakh of gifted funds into an Rs 8 lakh business earning Rs 1.6 lakh. Clubbed?Read the answer and worked solution →Under section 64(1A), a minor child's income is generally included in the income of:Read the answer and worked solution →With married parents, a minor's income joins the parent whose total income is:Read the answer and worked solution →After separation, a minor's income joins the parent who:Read the answer and worked solution →Which minor child income is not clubbed with a parent's income?Read the answer and worked solution →Under 64(1A), a minor with an 80U-type disability has income:Read the answer and worked solution →Section 64(2) applies to separate property converted into HUF property after:Read the answer and worked solution →Income from property put into HUF stock is deemed to arise to:Read the answer and worked solution →For section 64, the word 'income' is stated to include:Read the answer and worked solution →Where a clubbed asset is held jointly by several persons, their liability for the attributable tax under section 65 is:Read the answer and worked solution →Loss of one business set off against another business is under:Read the answer and worked solution →How far can a long-term capital loss be set off within the same year?Read the answer and worked solution →Set-off of a loss under one head against income under another head in the same year is allowed by:Read the answer and worked solution →

Worked practice questions

Under section 60, who is taxed on income from a transfer without any asset transfer?

  1. The transferor
  2. The transferee
  3. The trustee named
  4. The Government
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Correct answer: A. The transferor

Where only the income is transferred and the asset stays put, the income stays taxable in the transferor's total income.

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Income arising from a revocable transfer of assets is taxed as the income of:

  1. The transferee
  2. The transferor
  3. The beneficiary
  4. The deed's trustee
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Correct answer: B. The transferor

Because the transferor can take the assets back, the Act keeps the income in the transferor's hands.

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A transfer is deemed revocable if it contains a provision for:

  1. Payment of stamp duty on the transfer deed
  2. Registration of the deed with the sub-registrar
  3. Re-transfer of the income or assets to the transferor
  4. Attestation of the deed by two witnesses
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Correct answer: C. Re-transfer of the income or assets to the transferor

A built-in right to get the income or assets back to the transferor is what makes a transfer revocable.

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