The loss from activity of owning and maintaining race horses is eligible for carry forward and set off for a maximum period of:

CS Executive · Tax Laws and Practice · PYQS · June 2019
The loss from activity of owning and maintaining race horses is eligible for carry forward and set off for a maximum period of:
(A) 8 Assessment years
(B) 6 Assessment years
(C) 4 Assessment years
(D) 2 Assessment years

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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