Set on & Carry Forward

ya loss from betting  neither can set off in the same year nor in the fuuture upcoming years .and nor any exp. made in same context will be allowed for ded. from income.

No it is not as that of speculative business because in that you can set off current year losses from same income and can also carry forward the same for 4 future years but the same benefit is not available in its case.

No the loss from owing race horses (if u mean exp.)then can be set off the same from income of race horses otherwise any loss by playing on race horses cannot be setoff.

Thnx mate!

its my pleasure sir...........