Tax on Lottery winning

This query is : Resolved 
Quick Summary
This discussion clarifies the tax implications of lottery winnings, specifically addressing whether previous losses can be offset against a recent win. According to Section 58(4) and 115BB of the Income Tax Act, 1961, losses from lotteries cannot be set off against winnings. Therefore, the full amount of the lottery win is considered taxable, and TDS is deducted accordingly.

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(Querist)
06 April 2023 Hi,

One of my clients had won lottery ( Dream 11 ) of Rs. 75000 in F.Y. 2022-23. Before the winning this amount he already lost 50000 rs in the lottery in same financial year. I just want to know, how much amount is taxable in this situation. Total net winning or (Net winnings - previous loss).
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 April 2023 How much TDS was deducted?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 April 2023 Taxable amount Rs. 75,000.

Loss Rs. 50,000 cannot be set off . Refer section 58(4) and 115BB of the Income tax Act,1961.
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