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Commerce Short Question | Gkseries

Q.

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

[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.

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