Hello frndzzz............
plz solve this query its urgent.
1 Replies
sonam agarwal
(Aricle)
(33 Points)
Replied 12 March 2010
Loss in respect of lotteries ,crossword puzzles,card games,gambling, or betting of any form can be set off against the profits of the similar activity only. They cannot be set off against any other income even under the same head of income. i.e. "Income from Other Sources".And cannot be carried forward.
Loss from any other source of income other than lotteries,etc., owing & maintaining of race horses can be set off under any other head but the same cannot be carried forward.
(section 74A)
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