set off loss
govind reddy (53 Points)
21 October 2017
loss on owning and maintaining of horse race can be set off against income from horse race?
7 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 21 October 2017
No loss on maintaining & owing horse for horse race set off from Income from owing & maintaining horse only.
Also income from horse race is casual income & no loss set off from it.
Also income from horse race is casual income & no loss set off from it.
Ashwin Kumar
(1234 Points)
Replied 21 October 2017
the foresaid loss can be carried forward only for a period of 4 years only from the year of such loss
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