CASUAL INCOME

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Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2010 If i won a CAR in lottery in 2009-10 then i want to collect that CAR in 2010-11.

In which year Tax has to pay on that CAR?

Is it receipt basis or Accrual basis?

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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25 February 2010 it can be taxed in 2009-10 if you are following accrual system and if you are following cash system it can be taxed in 2010-11.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 February 2010 In Income tax generally accrual or receipt which ever is earlier. so in your case 2009-10 only taxable and also lottery prize subject to TDS so taxable in the year 2009-10 only

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 February 2010 its subject to TDS as mentioned above

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2010 Yes, i agree with you that it is subject to TDS.

I want to additional question to that

As the Lottery is given in Kind then from whose money TDS will be paid?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 February 2010
It is duty of payer collect the TDS amount from payee