can we set off or carry forward loss from other sources.
I had a loss of 20000 from crossword and profit of 15000 from lottery.
How to compute Income from other sources?
Menu
set off losses from other sources
Replies (2)
No loss can be set off against income from winnings 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.
Ans to query. Specific income of Rs. 15,000/-
income from crossword puzzles and lottery comes under casual income..
NO Loss can be set off against Casual Income......Similarly Casual loss can neither be set off nor carried forward...u/s 115BB...
NO Loss can be set off against Casual Income......Similarly Casual loss can neither be set off nor carried forward...u/s 115BB...
Recent Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
