Which of the following income is not chargeable under the head ‘income from business and profession’ ?

Question

[A] Profits and Gains carried on by an assessee during the previous year.

[B] Income derived by a trade professional or similar association from specific services performed for its members.

[C] Income from the activity of owning or owning and maintaining race horses.

[D] Salary received by a partner of a firm from the same firm.

Answer & Explanation
Answer: Income from the activity of owning or owning and maintaining race horses.

Commerce Short Question | Gkseries