if I have income of 4 lakh from owning and maintenance of horses
and unabsorbed depreciation of 1 lakh
can I set off?
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Unabsorbed depreciation
Replies (6)
Yes. Unabsorbed depreciation can be set off against any income ( other than salary ).
So you can set off against income from maintaining race hourses.
Yes. Unabsorbed depreciation can be set off against any income ( other than salary ).
So you can set off against income from maintaining race hourses.
No you can't set off unabsorbed depreciation against owning and maintatining horse races since no loss can be set off against these special income under IT act
Owning and maintaining race hourse is different from hourse race.
Income from hourse race is like gambling income. (Special income )
Income from owning and maintaing race hourse is not a special income.
Income from hourse race is like gambling income. (Special income )
Income from owning and maintaing race hourse is not a special income.
the restriction does apply only to salary and other incomes can be freely used to set of unabsorbed depreciation carried forward from past years.in that case, yes you can set off unabsorbed depreciation.
yes it can be setoff against Omrh
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