Income tax on prize money received from motar race
This query is : Resolved
28 March 2013
Under what head, Prize money received from Motar Race is Taxable?. and what Rate?.. Can we claim expenses against the Income??
CA.Sourabh Sethia
(Expert)
29 March 2013
It is taxable under the head
"Income from Other Sources"
it is taxable at special rate i.e @ 30%
no deduction is allowed against Such Incomes i.e. Casual Income
Casual Income - Income by way of earnings from lotteries, cross word puzzles, races including horse races, card games
and other games of any sort or from gambling or betting
"Income from Other Sources"
it is taxable at special rate i.e @ 30%
no deduction is allowed against Such Incomes i.e. Casual Income
Casual Income - Income by way of earnings from lotteries, cross word puzzles, races including horse races, card games
and other games of any sort or from gambling or betting
29 March 2013
is it excempted u/s 10? being income from prize money in countinous nature participated in motar race not by way of gambling nature.
CA.Sourabh Sethia
(Expert)
01 April 2013
no it is not exempt U/s 10
i know its not in nature of gambling
but races have been specifically included for the purpose.
Have other expert opinion.
i know its not in nature of gambling
but races have been specifically included for the purpose.
Have other expert opinion.
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