As per section 70 loss from race horses cannot be set off against income from race horses.
is it correct as in section 74A brought forward loss from race horses can be set off against income from race horses.
praveen (Chartered Accountant) (6971 Points)
15 October 2009As per section 70 loss from race horses cannot be set off against income from race horses.
is it correct as in section 74A brought forward loss from race horses can be set off against income from race horses.
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 15 October 2009
Dear pls do not take otherwise but i have not seen any clause which says loss from race horses cannot be set off against income from race horses.
can u pls paste the relevant extracts of the act here to through some light on it
thanks
sunil
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 15 October 2009
| Originally posted by :praveen | ||
| " | As per section 70 loss from race horses cannot be set off against income from race horses. is it correct as in section 74A brought forward loss from race horses can be set off against income from race horses. |
" |
THEIR IS NOWHERE MENTIONED ANY SUCH THING IN SEC.70.......!!!!!!!!!!!!!!
Krutesh Patel
(ACA)
(727 Points)
Replied 26 December 2009
Loss from Race horse can be set off from income from race horse. It can not be set off against any other income.
C.Balaji
(Learner)
(1867 Points)
Replied 02 January 2010
loss from race horses can only be set off against income from race horses.....
@ CA. $ahar$h @
(Student)
(338 Points)
Replied 02 January 2010
Dear Praveen,
The idea of the lawmaker is to check that the income of speculation dont get setoff from the actual income. Income from the race horses is a speculation one.Furthur, most of the time it is betted. So, It wont be safe to set it off with other incomes but it can be setoff with the same income.
Hence loss from race horses can be setoff with the income from race horses but not with any other income.
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 02 January 2010
Dear friend sec 70 says about inter source adjustment and it says that loss from the activity of owning and maintaining race horses is an exception to this sec 70..Which means u cant do inter source adjustment with the race horse loss..Hope sec 70 is clear now
And sec 74A says u can carry forward such loss for 4 years and set off against income from same activity
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