exemption limit
This query is : Resolved
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
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
Message likes :
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22 June 2010
Agreed with experts. No exemption limit for Lottery Income.
CA Ravi Sisodia
(Expert)
22 June 2010
lottory income fully taxable.
25 June 2010
thank you for the reply
kindly please tell me cases relating to above quiery
kindly please tell me cases relating to above quiery
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