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of <h1>Legal Limits on Race Horse Ownership Losses: Restricted Offset and Four-Year Carry Forward Under Income Tax Provisions</h1> Concise Legal Summary:The text analyzes Clause 115 of the Income Tax Bill, 2025, and Section 74A of the Income-tax Act, 1961, addressing losses from race horse ownership. The provisions restrict setting off losses against other income sources, allowing carry forward of unabsorbed losses only within the same activity for a maximum of four tax years. The legislative intent is to create a structured framework for managing financial risks in horse racing, ensuring clear demarcation of income streams and encouraging strategic financial planning by industry stakeholders.
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