(4)For the purposes of this section—(a)"horse race" means a horse race upon which wagering or betting may be lawfully made;(b)"income by way of stake money" means the gross amount of prize money received on a race horse or race horses by the owner thereof on account of the horse or horses or any one or more of the horses winning a particular position in horse race;(c)"loss incurred by the assessee in specified activity" means the amount by which the income by way of stake money, if any, falls short of the expenditure, not being capital expenditure, incurred wholly and exclusively for maintaining race horses;(d)"race horses" means horses owned and maintained by assessee for running in a horse race;(e)"specified activity" means the activity of owning and maintaining race horses.
