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Set off of losses ..

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(Querist)
13 October 2009 Can any kind of loss be set off with the income from winning from lotteries ??
If yes, plz quote section ...
Thanks ..
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Juzer Sadikot

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Juzer Sadikot (Expert)
13 October 2009 Dear Tarun,

Losses under the head of HP and PGBP(other than speculative loss) of same year can be sett off against casual .

Refer CHAPTER VI SET OFF OR CARRY FORWARD OF LOSS especially section 71of I T Act.

Thanks
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