Set off of losses incuring in horse racing
This query is : Resolved
Amit Nawani
(Querist)
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?
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?
CA.SHAHZAD SAYYED
(Expert)
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.
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.
Juzer Sadikot
(Expert)
03 December 2009
Dear Amit,
Loss in playing/participating in horse race is not allowed.
Loss from horse race by a person who is owner of horce and maintaining horse is allowed for setoff.
Regards
Juzer
Loss in playing/participating in horse race is not allowed.
Loss from horse race by a person who is owner of horce and maintaining horse is allowed for setoff.
Regards
Juzer
CMA Arif Farooqui
(Expert)
03 December 2009
agree with guest
Amit Nawani
(Querist)
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
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
Lalit aggarwal
(Expert)
03 December 2009
guest is 100% correct
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
