banner_ad

exemption limit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 June 2010 my client has a income from winning of horse of rs.550000. he is a individual and i want to know whether basic exemption limit of rs.160000 is applicable or not to him or flat 30% on 550000 please clarify
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
22 June 2010 For winning from Lottory no Basic exemption available, fully taxable as higher rate. so you cannot consider the exemption slab
Profile Image

CA. BIJENDER KR. BANSAL

Profile Image

CA. BIJENDER KR. BANSAL (Expert)
22 June 2010 Agreed with experts. No exemption limit for Lottery Income.
Profile Image

CA Ravi Sisodia

Profile Image

CA Ravi Sisodia (Expert)
22 June 2010 lottory income fully taxable.
Profile Image

sohail

Profile Image

sohail (Querist)
25 June 2010 thank you for the reply

kindly please tell me cases relating to above quiery
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details