unabsorbed depreciation

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This query is : Resolved

CA Jay shah (Querist)

25 March 2009 whether unabsorbed depreciation can be set off against income from winning from lottery,or horse race,
please give me answer its a urgent & with reasons

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)

25 March 2009 Un absorbed depreciation cannot be set off against the winning from horse race. The main reason being that winning from horse rac e have a characteristic of irrgularity and an element of luck.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)

25 March 2009 as per singhania... unabsorbed depreciation can be set off and carry forward against any income except the head "salary"
so i believe it can be set off

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)

25 March 2009 UNABSORBED DEPRECIATION CANNOT BE SET OFF AGAINST WINNINGS FROM HORSE RACES BECAUSE THE INCOME COMES U/S 115BB.NO DEDUCTIONS PERMITTED. BUT IF IT IS INCOME FROM OWNING AND MAINTAINING RACE HORSES THEN UNABSORBED DEPRECIATION CAN BE SET OFF

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