Loss from the activity of owning and maintaining race horses could be set-off

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Question:Loss from the activity of owning and maintaining race horses could be set-off

1.Against income under any of the five heads of income

2.Only against income under the head “Income from other sources

3. Only against income under the head ‘Profits and gains of business or profession’

4.Only against income from the same activity.

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  1. Loss from the activity of owning and maintaining race horses could be set-off
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