Set off of loss under the same head of income - Section 70

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..... ad other than 'capital gains' of income shall be set off against the income from any other source under the same head. Exceptions: In the following cases loss from one source cannot be adjusted against income from other source although it falls under the same head: Losses from Speculation Business: Any loss in respect of speculation business cannot carried on by an assessee, shall be set o .....

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..... card games etc. is not allowed to be set off at all against any other income, not even against income of another winnings of lotteries, crossword puzzles, card games etc. Bonus stripping : Provisions pertaining to bonus stripping and dividend stripping to be made applicable to both securities and units (To cover bonus stripping in case if securities Bonus and Dividend stripping in case of REIT, In .....

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