Hi Team,
In a hypothetical situation if I win INR 7 lacs in a lottery, can I get a tax deduction if I invest that amount in FDs or ELSS?
Hey @HarishMehta
No, Under Section 58(4), no tax exemption or deduction can be claimed on winning cash or assets as a prize from a game show, lottery, etc.
You can read more about it here:
Hope this helps! 
Hi,
If suppose we win a daily game and win Rs 1000, however we lose 500 in the next game, then what is the taxable amount?
Further, if over the course of the year, I win 10,000/- in total and lose 8000/- or more than the winning amount, then how would it be taxed?
Best!
Only the net income from online gaming shall be taxable. However, no deduction in respect of any expenditure or allowances in connection with such income shall be allowed.
Further, the provisions of the Income Tax Act, 1961 do not permit set off and carry forward of losses against gains from winning from lotteries, crosswords, puzzles, card games or other gambling.
If your net winning from such gaming exceeds INR 10,000, they would deduct TDS at 30% and credit the remaining amount to your account.
Hope this helps 
Had a question regarding fantasy game wins. Suppose i added 2000 rs to the gaming app. I put the entire 2000 in one game and won 10000, then then i played 4 more similar games of 2000 each and lost in all of them, the remaining 2000 i withdrew. Will i be taxed on 2000 or 10000 in this case?
@Sakshi_Shah1 can you help?
Hey @Wolf_Roolf
No loss can be set off against income from winnings from lotteries, crossword
puzzles, card game, and any other game of similar nature. Thus, you must report income of INR 10,000 and pay tax on the same at the rate of 30%.
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