If there is loss from the activities of owning and mainyaining of race horses is not allowed to set off from any income under any head except the income from same business. Experts please tell me when the above income is taxable u/h Other sources then why the provisions of sec.70,71(SET OFF AND CARRYFORWARD OF LOSSES U/H OTHER SOURCES which states that loss u/h other sources can be set off from income under any head)are not applicble for the aforesaid loss
14 September 2010
these are exceptions. its mention un law and we have follow it. few other example are.... even cost of lottery ticket is not allowed as deduction. loss on lottery, card game can't be set off even from income from other lottery, card game. STCG can be set off against LTCG but vise versa is not possible.
CAclubindia
