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of <h1>Clarification on Calculating Losses from Owning Race Horses under Section 74A(3) of the Income Tax Act 1961.</h1> The text defines the 'amount of loss incurred by the assessee in the activity of owning and maintaining race horses' under sub-section (3) of section 74A of the Income Tax Act 1961. It specifies that if the assessee has no income from stake money, the loss is the total expenditure (excluding capital expenses) for maintaining race horses. If there is income from stake money, the loss is the shortfall between this income and the total non-capital expenditure for maintaining the race horses.
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