Itds on lottery income
This query is : Resolved
Mahabir Prasad Agarwal
(Querist)
23 November 2012
I have earned a car in a lottery game valued around 6.00 lac. TDS of Rs. 1,80,000/-has been paid by me. But the said prize was won by me after I purchased lottery tickets of Rs. 1,00,000/- (In a auction sale of unsold tickets). May I claim deduction of Rs. 1,00,000/- from my lottery income and claim refund of part TDS in my IT Return ?
23 November 2012
Yes excess paid TDS may be claimed for refund. Cost of purchase of lottery can be claimed as deduction.
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