Loss from Owing and maintaining Horses
This query is : Resolved
s v rajesh
(Querist)
20 December 2008
can a loss from Owing and maintaining Horses can be set off against other income (inter source)
or can it be carry forward to how many years
under which section
or can it be carry forward to how many years
under which section
CA Pawan Goswami
(Expert)
20 December 2008
Under section 70 loss from owning and maintaining race horses cannot be set off from other income of the same source.
Under section 72 it can be carry forward to 4 future assessment years.
Under section 72 it can be carry forward to 4 future assessment years.
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