Race horses taxability

Kshitij Chitransh (CA Article Assistant) (329 Points)

31 October 2015

What is the difference between loss from owning and maintaining race horses and loss from horse races?

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3 Replies

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 31 October 2015

First one is a business and second one is a winning.

aarti (CA) (56 Points)
Replied 31 October 2015

So if loss from owing and maintaing race horse it will cone under head pgbp ?

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 01 November 2015

It is entirely different provision and cannot be clubbed with normal pgbp provisions like claiming losses etc.

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