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following income taxable under which head

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(Querist)
09 December 2010 Income from owning and maintaining race horses is taxable under which head of income and at what rate?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 December 2010 Income from owning and maintaining race hprses is taxable under the head Income from Other Sources. It is taxed on normal slab rate basis.
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
13 December 2010 i disagree.
it will be taxable under PGBP.
wining from horse race is taxable under other sources not income from owning and maintaining horse races as in this case it will be business income of assessee not his casual income.
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