income from other sources

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vishal toor

vishal toor (Querist)
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25 March 2010 can a loss from card games setoff from lottry income

Abuzar Azmi

Abuzar Azmi (Expert)
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25 March 2010 Yes

The loss of a speculation business of any assessment year is
allowed to be set off only against the profits and gains of another speculation
business in the same assessment year.
If a speculation loss could not be set off from the income of another speculation
business in the same assessment year, it is allowed to be carried forward for 8
assessment years immediately succeeding the assessment year for which the loss
was first computed. Also, it can only be set off against the income of only a
speculation business. It may be observed that it is not necessary that the same
speculation business must continue in the assessment year in which the loss is set
off. However, filing of return before the due date is necessary for carry forward of
such a loss.