03 December 2009
For example-If X has incurred a loss from horse race in delhi and also earned a profit in horse race in Banglore in the same year. My question is that will he set off the loss from his profit in Banglore or not? Bcoz the given ans says "it is not allowed due to different cities".Is it right?
03 December 2009
Dear Amit Yes, set off is allowed irrespective of cities where u earned profit & where u incurred losses, the set off is allowed only against Income from Horse Race.
03 December 2009
For example-If X has incurred a loss from horse race in delhi and also earned a profit in horse race in Banglore in the same year. My question is that will he set off the loss from his profit in Banglore or not? Bcoz the given ans says "it is not allowed due to different cities".Is it right
CAclubindia
