loss u/h other sources
This query is : Resolved
05 September 2010
RESPECTED EXPERTS
If there is loss from the activities of owning and mainyaining of race horses is not allowed to set off from any income under any head except the income from same business.
Experts please tell me when the above income is taxable u/h Other sources then why the provisions of sec.70,71(SET OFF AND CARRYFORWARD OF LOSSES U/H OTHER SOURCES which states that loss u/h other sources can be set off from income under any head)are not applicble for the aforesaid loss
If there is loss from the activities of owning and mainyaining of race horses is not allowed to set off from any income under any head except the income from same business.
Experts please tell me when the above income is taxable u/h Other sources then why the provisions of sec.70,71(SET OFF AND CARRYFORWARD OF LOSSES U/H OTHER SOURCES which states that loss u/h other sources can be set off from income under any head)are not applicble for the aforesaid loss
14 September 2010
these are exceptions. its mention un law and we have follow it.
few other example are....
even cost of lottery ticket is not allowed as deduction.
loss on lottery, card game can't be set off even from income from other lottery, card game.
STCG can be set off against LTCG but vise versa is not possible.
few other example are....
even cost of lottery ticket is not allowed as deduction.
loss on lottery, card game can't be set off even from income from other lottery, card game.
STCG can be set off against LTCG but vise versa is not possible.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
