Lottery winnings

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Vijay Jethwa (Querist)
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08 September 2011 In A.Y.-2011-12, I have a Businness loss of Rs.4,00,000/-
and a Prize Winning of Rs.6,00,000/-

1.Can it be off setted??
2.Whether I ll get deduction u/ch VI A??
3.Whether I ll get minimum exemption of Rs.1,60,000/-??

Please solve my query..
reference to sections and case laws will be appreciated.

thank you.

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)
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08 September 2011 For all your question, my answer is big "No". I think tds would have been deducted, that can be claimed as credit. Net effect is neither tax is payable nor it is refundable.

Mihir Doshi

Mihir Doshi (Expert)
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08 September 2011 business loss can not be claimed against winning from lotteries. Business loss can be carried forward till next 8 assessment year and set off against business profit.
No effect of claiming any deduction as there is a loss.