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Set off of losses

Pranav Aggarwal (525 Points)

08 September 2019

can casual income loss like lottery etc can set off against any other income??

and viceversa?

thanks

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 September 2019

No... Lottery (& Gaming, Race Horse) income can't set off to losses. It's flat rated income...

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Pranav Aggarwal (525 Points)
Replied 08 September 2019

if there is a loss in lottery and income in salary

whether eligible to set off

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 September 2019

No... No way for set off.

Kapadia Pravin (17259 Points)
Replied 08 September 2019

In fact Lottery income is taxed at 30% flat maximum rate + cess .
No set off if negative income from Lottery gaming racing etc

Ashay Shah (31 Points)
Replied 08 September 2019

According to me,
As per the basic principals of set off:
Any inter head or intra head set off can be possible from losses only of

"THE SAID LOSS HAVE NOT BEEN MADE FROM ANY CASUAL INCOMES OR EXEMPT INCOMES"

And my brother in your case LOTTERY INCOME is a CASUAL INCOME.

So,Acoording to me
"LOTTERY INCOME's LOSS SHALL NOT BE ALLOWED TO BE SET OFF AGAINST ANY HEAD OF INCOME".

Good Luck