https://www.taxtmi.com/acts?id=4273 Losses from the activity of owning and maintaining race horses cannot be set off against other income and must be carried forward and set off only against income from that activity, provided the activity is carried on in the relevant previous year; unabsorbed loss may be carried forward to subsequent assessment years but not for more than four assessment years after the year of computation. The "amount of loss" is defined by expenditure for maintaining race horses or the shortfall against stake money where prize receipts exist. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4273 Losses from the activity of owning and maintaining race horses cannot be set off against other income and must be carried forward and set off only against income from that activity, provided the activity is carried on in the relevant previous year; unabsorbed loss may be carried forward to subsequent assessment years but not for more than four assessment years after the year of computation. The "amount of loss" is defined by expenditure for maintaining race horses or the shortfall against stake money where prize receipts exist. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4273