Loss from owning and maintaining race- horses can be set-off:
A. From income of any head in same P.Y.
B. From business income in same P.Y.
C. Can be carried forward for set-off from income of any head
D. Can be carried forward upto 4 years for set-off from same source of income
Answer:D
Loss from owning and maintaining race- horses can be set-off:
A. From income of any head in same P.Y. B. From business income in same P.Y. C. Can be carried forward for set-off from income of any head D. Can be carried forward upto 4 years for set-off from same source of income