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Lottery income

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(Querist)
05 June 2014 winning from a lotteries by a person having the same as business activity . In which head income should be taxable ? why ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 June 2014 Winning from lottery is an casual income and taxed accordingly as other sources. It cannot be business income since the business definition under income tax not covered the lottery winning as business
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SAJEEV

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SAJEEV (Expert)
05 June 2014 winning from lotteries should be shown under the head 'Income from other sources'since it is not recurring in nature



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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
06 June 2014 It should be taxed as winning from lotteries taxed at a special rate of 30%.
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Guest

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Guest (Expert)
06 June 2014 special rate 30 % and will be under the head other source only dear as winning from lottery

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