Set Off of Business loss against Lottery Income
This query is : Resolved
Vinayak Kamath
(Querist)
26 October 2009
Sir,
I wanted to clarify whether Loss under the head 'Income from House Property' or 'Profit and gains from Business or Profession' can be set off against lottery, card games etc which are chargeable at special rates of 30%. Kindly clarify.
With Regards,
Vinayak
I wanted to clarify whether Loss under the head 'Income from House Property' or 'Profit and gains from Business or Profession' can be set off against lottery, card games etc which are chargeable at special rates of 30%. Kindly clarify.
With Regards,
Vinayak
CA. B.SRINIVASULU
(Expert)
26 October 2009
Set off is not avaialble against gambling income.
26 October 2009
agree
Anjani Pratap Tiwari
(Expert)
27 October 2009
Agree
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