can unabsorbed depreciation be set off from lottery income?
rocketsingh (ARTICLE) (41 Points)
19 December 2009can unabsorbed depreciation be set off from lottery income?
MOHIT MAHAJAN
(LCS, ACA)
(2050 Points)
Replied 19 December 2009
NO. Even expense on lottery not allowed from lottery winnings
Deeps
(Article Assisstant)
(2485 Points)
Replied 19 December 2009
unabsorbed depreciation cannot be set off
Max Payne
(employed)
(2569 Points)
Replied 19 December 2009
No. Just see section 58(4) of the income tax act, which specifically provides that no deduction will be allowed under any provision of the act for winning from a lottery. Not even the cost of the lottery like Mohit said.
CA Kanveer Singh Dhingra
(Merchant Banker)
(193 Points)
Replied 19 December 2009
no........no deduction will b allowd,even ur cost of lottery ticketz wil nt b aloowed....
unabrorbed income can b sett off frm all heads ,even brought forward unab. dep. can b settoff frm any of d head,except frm casual income i.e lotteries income
Ansari
(ca final)
(444 Points)
Replied 20 December 2009
While dealing with unabsorbed depreciation (UAD) 1 shud keep in mind d following-
1-Depreciation allowance (DA) of d P/Y is first deductible from d income chargeable U/H PGBP
2-If DA is not fully deductible U/H PGBP it is deductible from income chargeable under d other head of income except salaries
Upon reading of d above line i think it is allowable
AHAMED. B
(3 'C' - Final)
(273 Points)
Replied 20 December 2009
NO.... Such income is taxable in full... As frenz said, its exps(cost of lottery tickets) is also not allowed.. Thats ri8... Unabsorbed depn can be carried forward n set off against any head of income except salaries.. In this case, the income itself doesn't have any deduction.. Hence the set off benefit is not avlbl...
| Originally posted by : G.K.. | ||
 |
No. Just see section 58(4) of the income tax act, which specifically provides that no deduction will be allowed under any provision of the act for winning from a lottery. Not even the cost of the lottery like Mohit said. |  |
CA Harish Suwalka
(Chartered Accountant ( Bhilwara ))
(4125 Points)
Replied 20 December 2009
| Originally posted by : MOHIT MAHAJAN | ||
|
NO. Even expense on lottery not allowed from lottery winnings | |
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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