INCOME FROM OTHER SOURCES
This query is : Resolved
11 June 2008
Dear Friends,
I am Abhishek Sabhaya from Gujarat.
So my question is : Can any payment be taken as deduction against Winnings from Lotteries, games, etc. ?
Please give answer after thinking good.
Best of Luck.....:-);-)
abhi(420)
I am Abhishek Sabhaya from Gujarat.
So my question is : Can any payment be taken as deduction against Winnings from Lotteries, games, etc. ?
Please give answer after thinking good.
Best of Luck.....:-);-)
abhi(420)
15 November 2008
nO, DEDUCTION IS ALLOWABLE AS PER THE IT ACT ON THESE TYPE OF INCOMES.
Only deduction mentioned at http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/section57.htm
allowable in income from other sources.
**DM
Only deduction mentioned at http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/section57.htm
allowable in income from other sources.
**DM
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