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Set Off of Business loss against Lottery Income

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(Querist)
26 October 2009 Sir,

I wanted to clarify whether Loss under the head 'Income from House Property' or 'Profit and gains from Business or Profession' can be set off against lottery, card games etc which are chargeable at special rates of 30%. Kindly clarify.

With Regards,

Vinayak
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
26 October 2009 Set off is not avaialble against gambling income.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
26 October 2009 agree
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Anjani Pratap Tiwari

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Anjani Pratap Tiwari (Expert)
27 October 2009 Agree

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