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%.
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Clarification regarding set off & Carry Forward of Loss
Replies (4)
no
No, it is not possible
No deductions are allowed against income from winnings.
Only relief is winnings are taxed on receipt basis.
I agree with the replies given above as no loss can be set off with Income from card games etc. chargeable at special rate of taxes
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