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Accounting treatment of winning a car in lottery

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(Querist)
21 April 2017 winning a car in lottery worth RS 456150 and tds has been deducted of RS 136845 and the person who has won the car has to pay the tax Amt as well as insurance and other charges aggregating to RS 269766 what should be the accounting treatment and tax effect of it
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
22 April 2017 Winning from lottery should be shown under the head "Income from other sources". The insurance and other charges can be shown as expenses in the books.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 April 2017 1. Car a/c Dr 4,56,150
Insurance etc a/c Dr 1,32,921

To Cash 1,32,921
" Income from other sources 4,56,150


2. TDS Dr 1,36,845

To Cash 1,36,845


Ps:- 1. Insurance etc can be capitalized

2. TDS can be claimed while filing income tax return in which Rs. 456,150 also has to be offered as income from other sources.
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