CA SUKSHAM ARORA (CA) (569 Points)
20 February 2014Income from owning and maintaining race horses is taxable under which head of income and at what rate?
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 February 2014
Arpit Pachisia
(CA)
(734 Points)
Replied 20 February 2014
Hello Suksham,
Income from owning and maintaining race horse is taxable under IFOS (Income from other sources) at a normal slab rate.
And I m sure too.
Thank you
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 20 February 2014
in case that person does regular business of maintaining them, then also????
Arpit Pachisia
(CA)
(734 Points)
Replied 20 February 2014
Well Suksham, In case where an assessee does only had income from owning and maintaining horse race and no other income, than in those cases it will be taxable under PGBP (Profits and gains from business and profession) and will be taxed at normal slab rate.
Thank you
Stranger
(.)
(5526 Points)
Replied 21 February 2014
Income from "Owning & maintaining horce races " is business income & so will always be taxable u/h "PGBP" at normal slab rate, whether its a main business of the assesse or not. "Winnings from horse races" is casual income & hence taxable u/h "IFOS" @ 30%+SC+EC+SHEC.
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