Mr. X incurred loss of ₹ 2 lakhs in the A.Y.2021-22 in business. Against which of the following incomes earned during the same year, can he set-off such loss?
A. profit of ₹ 3 lakh from wholesale cloth business
B. long-term capital gains of ₹ 1.50 lakhs on sale of land
C. speculative business income of ₹ 40,000
D. None of the above
Answer:A
Mr. X incurred loss of ₹ 2 lakhs in the A.Y.2021-22 in business. Against which of the following incomes earned during the same year, can he set-off such loss?
A. profit of ₹ 3 lakh from wholesale cloth business B. long-term capital gains of ₹ 1.50 lakhs on sale of land C. speculative business income of ₹ 40,000 D. None of the above