25 March 2009
whether unabsorbed depreciation can be set off against income from winning from lottery,or horse race, please give me answer its a urgent & with reasons
25 March 2009
Un absorbed depreciation cannot be set off against the winning from horse race. The main reason being that winning from horse rac e have a characteristic of irrgularity and an element of luck.
25 March 2009
as per singhania... unabsorbed depreciation can be set off and carry forward against any income except the head "salary" so i believe it can be set off
25 March 2009
UNABSORBED DEPRECIATION CANNOT BE SET OFF AGAINST WINNINGS FROM HORSE RACES BECAUSE THE INCOME COMES U/S 115BB.NO DEDUCTIONS PERMITTED. BUT IF IT IS INCOME FROM OWNING AND MAINTAINING RACE HORSES THEN UNABSORBED DEPRECIATION CAN BE SET OFF
CAclubindia
