if I have income of 4 lakh from owning and maintenance of horses
and unabsorbed depreciation of 1 lakh
can I set off?
Unabsorbed depreciation
MANOJ Na (27 Points)
26 October 2018
Rakesh Joshi
(CA Final)
(1272 Points)
Replied 26 October 2018
Yes. Unabsorbed depreciation can be set off against any income ( other than salary ).
So you can set off against income from maintaining race hourses.
Rakesh Joshi
(CA Final)
(1272 Points)
Replied 26 October 2018
Yes. Unabsorbed depreciation can be set off against any income ( other than salary ).
So you can set off against income from maintaining race hourses.
Hitesh
(Student)
(3549 Points)
Replied 26 October 2018
Rakesh Joshi
(CA Final)
(1272 Points)
Replied 26 October 2018
Ashwin Kumar
(1229 Points)
Replied 26 October 2018
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.
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