Loss from the activity of owning and maintaining race-horses. - Section 74A

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..... 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. 'Horse race' means a horse race upon which wagering or betting may be lawful .....

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