Set off of losses incuring in horse racing
This query is : Resolved
Amit Nawani
(Querist)
03 December 2009
For example-If X has incurred a loss from horse race in delhi and also earned a profit in horse race in Banglore in the same year.
My question is that will he set off the loss from his profit in Banglore or not?
Bcoz the given ans says "it is not allowed due to different cities".Is it right?
My question is that will he set off the loss from his profit in Banglore or not?
Bcoz the given ans says "it is not allowed due to different cities".Is it right?
CA.SHAHZAD SAYYED
(Expert)
03 December 2009
Dear Amit
Yes, set off is allowed
irrespective of cities where u earned profit & where u incurred losses, the set off is allowed only against Income from Horse Race.
Yes, set off is allowed
irrespective of cities where u earned profit & where u incurred losses, the set off is allowed only against Income from Horse Race.
Juzer Sadikot
(Expert)
03 December 2009
Dear Amit,
Loss in playing/participating in horse race is not allowed.
Loss from horse race by a person who is owner of horce and maintaining horse is allowed for setoff.
Regards
Juzer
Loss in playing/participating in horse race is not allowed.
Loss from horse race by a person who is owner of horce and maintaining horse is allowed for setoff.
Regards
Juzer
CMA Arif Farooqui
(Expert)
03 December 2009
agree with guest
Amit Nawani
(Querist)
03 December 2009
For example-If X has incurred a loss from horse race in delhi and also earned a profit in horse race in Banglore in the same year.
My question is that will he set off the loss from his profit in Banglore or not?
Bcoz the given ans says "it is not allowed due to different cities".Is it right
My question is that will he set off the loss from his profit in Banglore or not?
Bcoz the given ans says "it is not allowed due to different cities".Is it right
Lalit aggarwal
(Expert)
03 December 2009
guest is 100% correct
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