can casual income loss like lottery etc can set off against any other income??
and viceversa?
thanks
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Set off of losses
Replies (5)
No... Lottery (& Gaming, Race Horse) income can't set off to losses. It's flat rated income...
if there is a loss in lottery and income in salary
whether eligible to set off
whether eligible to set off
No... No way for set off.
In fact Lottery income is taxed at 30% flat maximum rate + cess .
No set off if negative income from Lottery gaming racing etc
No set off if negative income from Lottery gaming racing etc
According to me,
As per the basic principals of set off:
Any inter head or intra head set off can be possible from losses only of
"THE SAID LOSS HAVE NOT BEEN MADE FROM ANY CASUAL INCOMES OR EXEMPT INCOMES"
And my brother in your case LOTTERY INCOME is a CASUAL INCOME.
So,Acoording to me
"LOTTERY INCOME's LOSS SHALL NOT BE ALLOWED TO BE SET OFF AGAINST ANY HEAD OF INCOME".
Good Luck
As per the basic principals of set off:
Any inter head or intra head set off can be possible from losses only of
"THE SAID LOSS HAVE NOT BEEN MADE FROM ANY CASUAL INCOMES OR EXEMPT INCOMES"
And my brother in your case LOTTERY INCOME is a CASUAL INCOME.
So,Acoording to me
"LOTTERY INCOME's LOSS SHALL NOT BE ALLOWED TO BE SET OFF AGAINST ANY HEAD OF INCOME".
Good Luck
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