horse is assets or not a race busineess man
This query is : Resolved
Deepak Gagrani
(Querist)
07 September 2009
Dear sir
if one man his business racaing of horse
please give me knowladge horse is his assets or not
if not a assets what is this for businessman
if one man his business racaing of horse
please give me knowladge horse is his assets or not
if not a assets what is this for businessman
07 September 2009
in my opinion it is not a business income..if we read section 56(2)(ib)..any income from races including horse races shall be considered under income from other sources, further no deduction of any expenditure shall be allowed .and no benefit under section 80C to 80U
Manmohan ACA, CS
(Expert)
07 September 2009
NO
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