Vinayak Kamath (Article Student) (75 Points)
26 October 2009I 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%.
praveen
(Chartered Accountant)
(6971 Points)
Replied 27 October 2009
No deductions are allowed against income from winnings.
Only relief is winnings are taxed on receipt basis.
punam
(article assistant)
(56 Points)
Replied 27 October 2009
I agree with the replies given above as no loss can be set off with Income from card games etc. chargeable at special rate of taxes
CAclubindia
