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set off loss
loss on owning and maintaining of horse race can be set off against income from horse race?
Replies (7)
No only same business not other
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.
thank you friends
Welcome dear......
the foresaid loss can be carried forward only for a period of 4 years only from the year of such loss
as per section 74A
as per section 74A
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