Section 11 - Insertion of New Section 74A - Finance Act, 1972

11. Insertion of New Section 74A In the Income-tax Act, after section 74, the following section shall be inserted, namely :- 74A. Losses from certain specified sources falling under the head Income from other sources . - (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. .