Restriction on set-off of losses: losses from specified other sources only adjustable against income from same source. Losses arising from specified sources under the head "Income from other sources" - including lotteries, crossword puzzles, races, card games, other games, ... Summary
Restriction on set-off of losses: losses from specified other sources only adjustable against income from same source.
Losses arising from specified sources under the head "Income from other sources" - including lotteries, crossword puzzles, races, card games, other games, and gambling or betting - shall not be set off except against income from the same source; the provision confines permissible adjustment of any net loss for an assessment year to income, if any, from that identical specified source.
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