income from other sources
This query is : Resolved
25 March 2010
can a loss from card games setoff from lottry income
25 March 2010
Yes
The loss of a speculation business of any assessment year is
allowed to be set off only against the profits and gains of another speculation
business in the same assessment year.
If a speculation loss could not be set off from the income of another speculation
business in the same assessment year, it is allowed to be carried forward for 8
assessment years immediately succeeding the assessment year for which the loss
was first computed. Also, it can only be set off against the income of only a
speculation business. It may be observed that it is not necessary that the same
speculation business must continue in the assessment year in which the loss is set
off. However, filing of return before the due date is necessary for carry forward of
such a loss.
The loss of a speculation business of any assessment year is
allowed to be set off only against the profits and gains of another speculation
business in the same assessment year.
If a speculation loss could not be set off from the income of another speculation
business in the same assessment year, it is allowed to be carried forward for 8
assessment years immediately succeeding the assessment year for which the loss
was first computed. Also, it can only be set off against the income of only a
speculation business. It may be observed that it is not necessary that the same
speculation business must continue in the assessment year in which the loss is set
off. However, filing of return before the due date is necessary for carry forward of
such a loss.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
