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..