Adjustment of Loss made in Poker game
This query is : Resolved
14 December 2021
Dear Sir,
I want to know if someone has made losses in a poker game then can this losses be adjusted against salary or any other income.
Further can this loss be carry forward for future years and get adjusted against profits earned from poker game.
Please help me in this matter.
Regards,
Divyesh Jain
I want to know if someone has made losses in a poker game then can this losses be adjusted against salary or any other income.
Further can this loss be carry forward for future years and get adjusted against profits earned from poker game.
Please help me in this matter.
Regards,
Divyesh Jain
14 December 2021
This losses can't be adjusted against salary or any other income.
Carry forward of such losses not allowed.
1. According to sec 115BB, winning from poker is in the nature of casual income and thus it will be taxed under the head "Income from Other sources" @ 30%. 2. Set off and carry forward of losses have not specifically provided any exclusive provision for carry forward of loss from casual income (income specified u/s 115BB) 3. And to add to the above point, sec 58(4) has clearly mentioned that no deductions will be allowed while computing income under this source. 4. Hence, loss from poker game cannot be set off against income from a poker game and also with salary income. Salary income will be taxed as such and income from poker will be taxed under the head IOS.
Carry forward of such losses not allowed.
1. According to sec 115BB, winning from poker is in the nature of casual income and thus it will be taxed under the head "Income from Other sources" @ 30%. 2. Set off and carry forward of losses have not specifically provided any exclusive provision for carry forward of loss from casual income (income specified u/s 115BB) 3. And to add to the above point, sec 58(4) has clearly mentioned that no deductions will be allowed while computing income under this source. 4. Hence, loss from poker game cannot be set off against income from a poker game and also with salary income. Salary income will be taxed as such and income from poker will be taxed under the head IOS.
14 December 2021
Ok Sir. Thanks for your detailed reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Free lancer income
- Salary and pension received from Asian Development Bank
- What is provisional receipt number for generation of form 16A
- BIS Certificates
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
