If there is a profit from horse race or betting, can it be set off against any other current year loss?\r\n
Main Category: GST |Sub Category: Others |Reply Count: 1 |
Replies:-
BMC Associates says Replied on 26th September,2026 04:15 PM
No. Under the Income-tax Act, 1961, income from owning and maintaining race horses and income from specified business such as betting/gambling have specific loss set-off restrictions.
Horse-race income: Loss from owning and maintaining race horses can be set off only against income from the same activity, subject to the applicable provisions.
Betting/gambling: Losses from betting, gambling, etc. are generally not allowed to be set off against other income. However, if there is a profit, that income is taxable under the applicable provisions and is not automatically available to absorb losses under other heads.
Therefore, you should not simply reduce other current-year business or other-head losses from betting/horse-race income without checking the specific section and nature of the loss.
For detailed income-tax compliance, businesses can consult chartered accountant firms in gurgaon, a chartered accountant gurgaon, a ca firm in gurgaon, or a ca in gurgaon.
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BMC Associates says Replied on 26th September,2026 04:15 PM
No. Under the Income-tax Act, 1961, income from owning and maintaining race horses and income from specified business such as betting/gambling have specific loss set-off restrictions. Horse-race income: Loss from owning and maintaining race horses can be set off only against income from the same activity, subject to the applicable provisions. Betting/gambling: Losses from betting, gambling, etc. are generally not allowed to be set off against other income. However, if there is a profit, that income is taxable under the applicable provisions and is not automatically available to absorb losses under other heads. Therefore, you should not simply reduce other current-year business or other-head losses from betting/horse-race income without checking the specific section and nature of the loss. For detailed income-tax compliance, businesses can consult chartered accountant firms in gurgaon, a chartered accountant gurgaon, a ca firm in gurgaon, or a ca in gurgaon.
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