A person sold a horse at a gain of $25\%$. Had he bought it for $35\%$ less and sold it for $₹732$ less, he would have made a profit of $36\%$. The cost price of the horse was :

Let the initial cost price (${\text{CP}}_1$) of the horse be $₹x$.
**Step 1: Determine initial selling price (${\text{SP}}_1$)**
The horse is sold at a gain of $25\%$:

$${\text{SP}}_1=x\times \left(1+\frac{25}{100}\right)=1.25x$$

**Step 2: Determine new cost price (${\text{CP}}_2$)**
Had he bought it for $35\%$ less:

$${\text{CP}}_2=x\times \left(1-\frac{35}{100}\right)=0.65x$$

**Step 3: Determine new selling price (${\text{SP}}_2$)**
Had he sold it for $₹732$ less:

$${\text{SP}}_2={\text{SP}}_1-732=1.25x-732$$

**Step 4: Set up the equation using the new profit percentage ($36\%$)**

$$\text{Profit}={\text{SP}}_2-{\text{CP}}_2=36\%\text{ of }{\text{CP}}_2$$

$${\text{SP}}_2={\text{CP}}_2\times \left(1+\frac{36}{100}\right)$$

$$1.25x-732=0.65x\times 1.36$$

Now, calculate $0.65\times 1.36$:

$$0.65\times 1.36=0.884$$

Substitute this back into the equation:

$$1.25x-732=0.884x$$

$$1.25x-0.884x=732$$

$$0.366x=732$$

$$x=\frac{732}{0.366}=\frac{732000}{366}=2000$$

Thus, the original cost price of the horse was $₹2,000$.