Loss from the activity of owning and maintaining race-horses - (New) Section 115 / (Old) Section 74A

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....ere: • the assessee carries on a specified activity; • a loss is incurred from such activity during the relevant tax year. Carry Forward and Subsequent Set Off of Unabsorbed Losses from Specified Activity [ Section 115(2) ] where: • a loss has arisen from a specified activity; and • such loss cannot be fully adjusted because income from spe....

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.... (b) "income by way of stake money" means the gross amount of prize money received on a race horse or race horses by the owner thereof on account of the horse or horses or any one or more of the horses winning a particular position in horse race; • (c) "loss incurred by the assessee in specified activity" means the amount by which the income by way of stake money, if any, falls short....

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....ning race horses. • The loss to the extent not SET OFF shall be carried forward to the next assessment year and SET OFF against the income from the activity of owning and maintaining race horses. • The loss can be carry forward for 4 AYs. • Filing of return before the due date prescribed u/s 139(1) is necessary to carry forward the loss. • 'H....