Losses from certain specified sources falling under the head "Income from other sources"
2[Losses from certain specified sources falling under the head "Income from other sources".
74A. (1) Where the net result of the computation made for any assessment year in respect of any source falling under the head "Income from other sources" and being a source specified in sub-section (2), is a loss, such loss shall not be set off except against income, if any, from the same source.
(2) The sources referred to in sub-section (1) are
(a) lotteries ;
(b) crossword puzzles ;
(c) races including horse races ;
(d) card games ;
(e) other games of any sort ;
(f) gambling or betting of any form or nature whatsoever not falling under any of the foregoing clauses.]
2. Inserted by Finance Act, 1972, w.e.f. 1-4-1972.
[As amended by the Finance Act, 1972]