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%.
Menu
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
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
