sir...
pls clarify me with the following while computing income from other sources...
winning from card game(net) Rs 7000
should we make grossing up....?
provided in the adjustment that there is loss from card game Rs 5000
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other sources
Replies (1)
any income from these source is fully taxable irrespective of the any loss sustained by the assessee even from the same source or from any other head.
Read more at: https://www.caclubindia.com/forum/set-off-of-loss-from-casual-income-73007.asp
Read more at: https://www.caclubindia.com/forum/set-off-of-loss-from-casual-income-73007.asp
No loss can be set-off against casual income i.e. Income from lotteries, crossword puzzles, race including horse race, card game, and any other game of any sort or from gambling or betting of any form or nature.
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