Income-tax Act, 1961
Section - 74A - Losses from certain specified sources falling under the head “Income from other sourcesâ€
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
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