https://www.taxtmi.com/acts?id=51646 Losses from the activity of owning and maintaining race horses may be set off only against income from that specified activity; any unabsorbed loss is carried forward to subsequent tax years to be set off against income from the same activity until exhausted. The carry forward is limited by a statutory temporal cap. Definitions provided clarify that allowable loss equals the deficit of stake money over non-capital expenditure wholly and exclusively incurred for maintaining race horses, and that "specified activity" means owning and maintaining race horses. en-us Thu, 14 Aug 2025 10:47:56 +0530 Tue, 26 Aug 2025 17:00:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51646 Losses from the activity of owning and maintaining race horses may be set off only against income from that specified activity; any unabsorbed loss is carried forward to subsequent tax years to be set off against income from the same activity until exhausted. The carry forward is limited by a statutory temporal cap. Definitions provided clarify that allowable loss equals the deficit of stake money over non-capital expenditure wholly and exclusively incurred for maintaining race horses, and that "specified activity" means owning and maintaining race horses. Act-Rules Income Tax Thu, 14 Aug 2025 10:47:56 +0530 https://www.taxtmi.com/acts?id=51646