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

The amount of loss incurred by an assessee in the activity of maintaining and owning race horses in any evaluation year shall not be set off against income, if any, from any origin other than the activity of maintaining and owning race horses during that period and shall be carried forward to the subsequent assessment year in the case of an assessee who is the owner of horses maintained by him for running in horse races and-

(a) it will be deducted from any revenue earned from the activity of maintaining and caring for racehorses that is taxable for that assessment year if any. If he engaged in the activity of owning and keeping racing horses during the prior year that was relevant for that evaluation year;

(b) however, no portion of the loss may be carried forward for more than four evaluation years immediately following the evaluation year for which the loss was first computed. If the loss cannot be entirely set off in this manner, the amount of loss that cannot be offset will be carried forward to the assessment year after that, and so on.

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"Amount of loss suffered by the assessee in the business of owning and keeping racing horses" denotes the following:-

  (a) the number of expenditures (not being in the nature of capital expenditure) paid out or expended by him completely and solely for the purposes of keeping racing horses in the event that the assessee has no revenue from stake money;

  (b) if the assessee receives income from stakes, the amount by which this income falls short of the number of expenses (which are not capital expenses) made out or paid for by the assessee solely and only for the upkeep of racing horses.

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"Horse race" refers to a horse race that is eligible for legal wagering. "Income by way of stake money" refers to the total amount of prize money that the owner of a racehorse or racehorse receives as compensation for the horse or racehorse's victory, second-place finish, or any other position in a horse race. 

Article on 80g limit.