Income tax on Lottery Income from Abroad
This query is : Resolved
18 November 2020
Dear Sir,
One of my client has earned lottery income in dollars of Rs. 1 lac from Singapore in FY. 2019-20 and has converted that amount into Indian rupees and deposited into bank.
Can I show this amount as Other Income under the head Income from Other Sources instead of showing as Winning from Lottery ticket as his Total Income is more than 40 lacs and he will be paying 30% tax on his entire income.
Please help me in this regard.
Regards,
Divyesh Jain
One of my client has earned lottery income in dollars of Rs. 1 lac from Singapore in FY. 2019-20 and has converted that amount into Indian rupees and deposited into bank.
Can I show this amount as Other Income under the head Income from Other Sources instead of showing as Winning from Lottery ticket as his Total Income is more than 40 lacs and he will be paying 30% tax on his entire income.
Please help me in this regard.
Regards,
Divyesh Jain
18 November 2020
Show it under income from other sources under winning for lottery.
18 November 2020
Ok, Thank you Sir. I was getting a validation error in the ITR for Other Source income which got removed once I selected the period in which lottery income was earned.
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