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set off or carry forward

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(Querist)
15 September 2016 purchase of horse for betting on horse race lawfully or illegally is allowed as an expense or not?
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Amol S Joglekar

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Amol S Joglekar (Expert)
15 September 2016 it can be allowable expense for the owning and maintaining the race horse
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Suyash Rao

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Suyash Rao (Querist)
15 September 2016 purchasing a horse is a capital expenditure. so how can it be an allowable expense?
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Amol S Joglekar

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Amol S Joglekar (Expert)
16 September 2016 Car is a capital asset, may be for you and me but not for say Maruti Suzuki......
Can you think of horse on similar lines?
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