Winnings From Lotteries, Crossword Puzzles, Races, Gambling, Etc.

Section 2(24) (ix) provides that any winnings from lotteries, crossword puzzles, races, including horse races, card games and other games of any sort, including TV games, or from gambling or betting or any form or nature whatsoever will be included in the definition of “income from other sources”.


It is clearly provided in Section 58 that no deduction in respect of any expenditure or allowance would be allowed in connection with income by way of winnings from lotteries, crossword puzzles, races—including horse races, card games and other games of any sort or from gambling of betting of any form or nature.
----------------------------------------------------------------------------------
 
 
More Topics ...
Deductions: Section 57 'Income From Other Sources'
Dividends & Income From Mutual Fund - Income from 'Other Sources'
Winnings From Lotteries, Crossword Puzzles, Races, Gambling, Etc.
Big Gifts To Be Taxed As Income
Taxation Of Cash Credit, Unexplained Money & Unexplained Expenses
Deduction Of Interest On Loan -Income from Other Sources
 
 
 
Get.. Tally.ERP9 Book + GST Practical Assignment @ Rs.550 Tally.ERP9 Book Online Order Tally.ERP9 Book Content
 
© 2018 : IncomeTaxManagement