Section 14 - Amendment of section 58 - Finance Act, 1986

14. Amendment of section 58 In section 58 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely :- '(4) In the case of an assessee having income chargeable under the head Income from other sources , no deduction in respect of any expenditure or allowance in connection with such income shall be allowed under any provision of this Act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever : Provided that nothing contained in this sub-section shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintaining such horses. Explanation : For the purposes of this sub-section, horse race means a horse race upon which wagering or betting may be lawfully made.'.