https://www.taxtmi.com/manuals?id=1193 Losses from owning and maintaining race horses may be set off only against income from that specified activity. A loss is the excess of qualifying non-capital expenditure incurred wholly and exclusively for maintaining race horses over stake money received. Unabsorbed losses may be carried forward for up to four subsequent tax years and set off only against specified-activity income. Carry-forward requires the loss to be determined through a return filed under the prescribed return-filing provision. The earlier regime similarly required timely return filing and allowed four assessment years for carry-forward. en-us Tue, 15 Sep 2015 15:45:00 +0530 Thu, 16 Jul 2026 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1193 Losses from owning and maintaining race horses may be set off only against income from that specified activity. A loss is the excess of qualifying non-capital expenditure incurred wholly and exclusively for maintaining race horses over stake money received. Unabsorbed losses may be carried forward for up to four subsequent tax years and set off only against specified-activity income. Carry-forward requires the loss to be determined through a return filed under the prescribed return-filing provision. The earlier regime similarly required timely return filing and allowed four assessment years for carry-forward. Manuals Income Tax Tue, 15 Sep 2015 15:45:00 +0530 https://www.taxtmi.com/manuals?id=1193