Loss from the activity of owning and maintaining race horses can be set off against .......... of the same assessment year.

CS Executive · Tax Laws · PYQS · December 2024
Loss from the activity of owning and maintaining race horses can be set off against .......... of the same assessment year.
(A) Speculation profits
(B) Specified business profits
(C) Any business profits
(D) Income from owning and maintaining race horses

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act

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