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exemption limit

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sohail (Querist)
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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

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

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CA. BIJENDER KR. BANSAL

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

CA Ravi Sisodia

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

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

kindly please tell me cases relating to above quiery

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