14 December 2021
This losses can't be adjusted against salary or any other income. Carry forward of such losses not allowed.
1. According to sec 115BB, winning from poker is in the nature of casual income and thus it will be taxed under the head "Income from Other sources" @ 30%. 2. Set off and carry forward of losses have not specifically provided any exclusive provision for carry forward of loss from casual income (income specified u/s 115BB) 3. And to add to the above point, sec 58(4) has clearly mentioned that no deductions will be allowed while computing income under this source. 4. Hence, loss from poker game cannot be set off against income from a poker game and also with salary income. Salary income will be taxed as such and income from poker will be taxed under the head IOS.
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