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Misc. question

IPCC 408 views 1 replies

Hello frndzzz............

plz solve this query its urgent.

For how many years Loss from other sources (excl.owning & maintanance of race horse) can be carry forward and against which income it can be setoff for the same asst.yr and subsequent asst.years.

thanks in advance

Replies (1)

Loss in respect of lotteries ,crossword puzzles,card games,gambling, or betting of any form can be set off against the profits of the similar activity only. They cannot be set off against any other income even under the same head of income. i.e. "Income from Other Sources".And cannot be carried forward.

Loss from any other source of income other than lotteries,etc., owing & maintaining of race horses can be set off under any other head but the same cannot be carried forward.

(section 74A)