Income from other source
This query is : Resolved
20 July 2012
Mrs.X is resident and her DOB is April 10,1928. Her NET INCOME Rs.432000 Which includes Winnings from Lottery Rs.35000 and Long Term Capital Gain Rs.225000.
How to solve this ?
Please give reply soon ........
Regards
How to solve this ?
Please give reply soon ........
Regards
CA PARAS BAFNA
(Expert)
22 July 2012
She is a Super Senior Citizen.
.
On winning from lotteries Tax Rate of 30.9% is applicable irrespective of the slab and the income must have been received by her after deducting TDS. In case TDS has not been deducted by the Lottery Company, she has to pay tax @ 30.9%.
.
Excluding Rs 35000/- her income is 397000, which is well under the taxable limit of Rs 5.00 lac. On LTCG and Income other than lottery , she is not required to pay any tax.
.
.
On winning from lotteries Tax Rate of 30.9% is applicable irrespective of the slab and the income must have been received by her after deducting TDS. In case TDS has not been deducted by the Lottery Company, she has to pay tax @ 30.9%.
.
Excluding Rs 35000/- her income is 397000, which is well under the taxable limit of Rs 5.00 lac. On LTCG and Income other than lottery , she is not required to pay any tax.
.
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