set off and carry forward
I have a book of Mr. ajay jain, in which a question contains that:
" LOSSES CAN BE SET OFF AGAINST WINNINGS OF LOTTERIES, HORSE RACES ETC."
AND FURTHER A PRACTICAL QUESTION THAT IS
Q112 Mr X won lottery of Rs. 10000, but incurred a loss of rs. 7000 in non speculative business. on how much income is liable to pay tax?
Ans: 3000 as per answer given in his suggested answers
I am not agreed with this, what ur opinion?