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Loss from Owing and maintaining Horses

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(Querist)
20 December 2008 can a loss from Owing and maintaining Horses can be set off against other income (inter source)

or can it be carry forward to how many years

under which section
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CA Pawan Goswami

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CA Pawan Goswami (Expert)
20 December 2008 Under section 70 loss from owning and maintaining race horses cannot be set off from other income of the same source.

Under section 72 it can be carry forward to 4 future assessment years.

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