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unabsorbed depreciation

Tax queries 1303 views 19 replies

can unabsorbed depreciation be set off from lottery income?

Replies (19)

NO. Even expense on lottery not allowed from lottery winnings

No unabsorbed depreciation can not be set off from income referred under section 2(24)(ix)

UNABSORBED DEPRECIATION CAN BE CARRIED FORWARD FOR UNLIMITED PERIOD AND CAN BE SET OFF FROM ANY HEAD EXCEPT CASUAL INCOME (LOTTERY, GAMBLING)

Unabsorbed depreciation can be set-off against any income except income taxable under the head of 'Salaries'.

unabsorbed depreciation cannot be set off

no....

No. Just see section 58(4) of the income tax act, which specifically provides that no deduction will be allowed under any provision of the act for winning from a lottery. Not even the cost of the lottery like Mohit said.

no........no deduction will b allowd,even ur cost of lottery ticketz wil nt b aloowed....

unabrorbed income can b sett off frm all heads ,even brought forward unab. dep. can b settoff frm any of d head,except frm casual income i.e lotteries income

 no.........

While dealing with unabsorbed depreciation (UAD) 1 shud keep in mind d following-

1-Depreciation allowance (DA) of d P/Y is first deductible from d income chargeable U/H PGBP

2-If DA is not fully deductible U/H PGBP it is deductible from income chargeable under d other head of income except salaries

       Upon reading of d above line i think it is allowable

NO.... Such income is taxable in full... As frenz said, its exps(cost of lottery tickets) is also not allowed.. Thats ri8... Unabsorbed depn can be carried forward n set off against any head of income except salaries.. In this case, the income itself doesn't have any deduction.. Hence the set off benefit is not avlbl... 

Originally posted by : G.K..
No. Just see section 58(4) of the income tax act, which specifically provides that no deduction will be allowed under any provision of the act for winning from a lottery. Not even the cost of the lottery like Mohit said.


 

 unabsorbed depreciation cannot be set off



Originally posted by : MOHIT MAHAJAN
NO. Even expense on lottery not allowed from lottery winnings


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