Under the Income-tax Act, 2025, a loss from the activity of owning and maintaining race horses can be…
The maximum carry-forward period is four tax years immediately succeeding the tax year for which the loss was first computed. Section 115 of the Income-tax Act, 2025…
Choose your answer
Under the Income-tax Act, 2025, a loss from the activity of owning and maintaining race horses can be carried forward for a maximum of how many tax years immediately succeeding the tax year for which the loss was first computed?
Answer and explanation
Correct answer C
The maximum carry-forward period is four tax years immediately succeeding the tax year for which the loss was first computed. Section 115 of the Income-tax Act, 2025 restricts set-off of this loss to income from the activity of owning and maintaining race horses.
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Gujarat SET (GSET)