During the A.Y. 2008-09, an individual assessee Net income was as below,
Salary income - 80000 business income - 30000 lottery winnings - 10000
therefore, his total income was 1,20,000. He is liable to pay tax on Rs. 10,000 on lottery winnings @ 30% plus 3% cess. i.e. he has to pay total tax = 3090/-
However, he has a UNABSORBED DEPRECIATION OF Rs.10,000.
THE QUERY WAS:
1. The unabsorbed depreciation was can be set off against any heads of income, so whether it can be set off of against casual income like lottery winnings?
2. If it is set off means it is benefit to assessee, because he sufferred due to 30% of tax on Rs. 10000/- and he is not liable to tax during the previous years.
3. Whether it is permissible by Income tax Act? what the section 58 specifically says about this?
CAclubindia
