clubbing of income
This query is : Resolved
26 November 2010
Sir,
My uncle purchased lottery ticket on the name of my cousin worth rs. 500000/- and win the lottery after he purchased car worth rs.600000/- including lottery amt for the purpose of rent the car and receive 2000/- from rented car.
my question is that sir which income is clubbed in the hands of my uncle lottery income or rental income ? both income was received in same year
My uncle purchased lottery ticket on the name of my cousin worth rs. 500000/- and win the lottery after he purchased car worth rs.600000/- including lottery amt for the purpose of rent the car and receive 2000/- from rented car.
my question is that sir which income is clubbed in the hands of my uncle lottery income or rental income ? both income was received in same year
29 November 2010
U have not mentioned in whose name the car was purchased. If it is in the name of ur Uncle, rent will obviously be his income.
Lottery amount will be clubbed in ur uncle's income.
If the car is in ur Cousin's name, the rental will be charged in cousin's income and will not be clubbed.
Lottery amount will be clubbed in ur uncle's income.
If the car is in ur Cousin's name, the rental will be charged in cousin's income and will not be clubbed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- FEMA regulation Act. for inward remitance
- Rental income of jointly held property
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
