Income-tax Act, 1961

Losses from certain specified sources falling under the head "Income from other sources".

74A. (1) [* * *]

(2) [* * *]

(3) In the case of an assessee, being the owner of horses maintained by him for running in horse races (such horses being hereafter in this sub-section referred to as race horses), the amount of loss incurred by the assessee in the activity of owning and maintaining race horses in any assessment year shall not be set off against income, if any, from any source other than the activity of owning and maintaining race horses in that year and] shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and-

(a)	-	it shall be set off against the income, if any, from the activity of owning and maintaining race horses assessable for that assessment year :
	-	Provided that the activity of owning and maintaining race horses is carried on by him in the previous year relevant for that assessment year; and
(b)	-	if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward .... To read the full section download the app from Google Play store Latest Job Openings View all ARTICLESHIP 23 July 2026 Article Gianender & Associates New Delhi CA Inter View Details 22 July 2026 Senior Chartered Accountant SKSS Patna CA View Details ARTICLESHIP 08 July 2026 Article internship AJAY SINGH AND CO LLP Thane CA Final View Details 06 July 2026 Chartered Accountant (Indirect Taxation) Gowra Ventures Pvt Ltd Hyderabad CA View Details ARTICLESHIP 14 July 2026 Article Assistants R Shyam and Associates New Delhi CA Final View Details ARTICLESHIP 07 July 2026 Articleship Jawahar and Associates Chartered Accountants Hyderabad CA Inter View Details 16 July 2026 Manager - Finance & Accounts Aliens Group Hyderabad CA Final View Details Featured 02 August 2026 Accounts Executive Aashok F&C Advisory Guwahati CA View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Print  PDF Finance and Tax WhatsApp groups list CCI All Updates (WA Group) CCI All Updates (WA Channel) CCI All Updates (Telegram Channel) GST Income Tax CA Final CA Inter CA Foundation CCI Jobs CS CCI Webinars CCI Pro Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register Follow