Income from Gambling, Poker and casinos

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Hello
one of client has a profit in online gambling and he has made loss in casinos. I have following query:
E.g.
1. Income from Online Gambling 8 Lacs and Loss from Casino 2 lacs can he show Income from Other Source as 6 Lacs?

2. Income from Online Gambling 5 Lacs and Loss from Casino 8 lacs. Can he show loss from Other Source as 3 Lacs and carry forward?

Please assist. Thank you!
Replies (10)
It might be set off or not but 30% tax will be imposed under other sources

Yes, I definitely agree with you. Better declare this income, and you'll be sure that you won't have any problems in the future. However, I don't really understand why should we, simple people that are winning money in casinos, pay taxes for that. The state has nothing to do here. But this is it, we need to pay taxes, otherwise we'll be in trouble. A couple of weeks ago I found a great online casino on casinoexpressindia.com and started earning some money on it, and I have already declared it

thanks, very interesting

Thank you for the information...

I can say that you'd better declare all your income, to avoid any problems in the future. However, I believe that if the income from gambling is not that significant, there should not be a problem with not declaring them. From what I know, you only have to declare your money if your income reaches a certain limit. If you made less than 100$, there is no point in declaring it. For instance, sometimes I play satta king up, and sometimes it happens for me to win 100-150$ per month. Money which I do not declare because I do not see a reason. But if you make serious money out of gambling, you'd better declare it or at least speak with an advisor.

thanks, very interesting

Read more at: https://www.caclubindia.com/forum/income-from-gambling-poker-and-casinos-568992.asp?offset=1

thanks, very interesting

Strategies for making money from gambling are more than fundamental.

Strategies for making money from gambling are more than fundamental.

Strategies for making money from gambling are more than fundamental.


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