https://www.taxtmi.com/acts?id=50404 Where the net result for the specified racing source is a loss, that loss up to the amount incurred in owning and maintaining race horses may be carried forward and set off against income from that specified racing source in subsequent assessment years, provided the activity continues in the relevant previous year; any unabsorbed loss is further carried forward but not beyond four succeeding assessment years. Definitions clarify that loss incurred equals non-capital expenditure wholly and exclusively for maintaining race horses or, where stake money exists, the shortfall of stake money against those expenditures; "horse race" and "income by way of stake money" are also defined. en-us Mon, 24 Mar 2025 17:54:57 +0530 Mon, 24 Mar 2025 17:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50404 Where the net result for the specified racing source is a loss, that loss up to the amount incurred in owning and maintaining race horses may be carried forward and set off against income from that specified racing source in subsequent assessment years, provided the activity continues in the relevant previous year; any unabsorbed loss is further carried forward but not beyond four succeeding assessment years. Definitions clarify that loss incurred equals non-capital expenditure wholly and exclusively for maintaining race horses or, where stake money exists, the shortfall of stake money against those expenditures; "horse race" and "income by way of stake money" are also defined. Act-Rules F. Acts / Amendment Acts Mon, 24 Mar 2025 17:54:57 +0530 https://www.taxtmi.com/acts?id=50404