Lottery income
This query is : Resolved
Abhishek Kumar Singh
(Querist)
06 October 2011
Mr X has won Rs 300000 in KBC and he receives Rs 210000. His other income was 100000. Discuss the tax liability and whether he eligible for refund or not?
CA. Deepak Narula
(Expert)
06 October 2011
His GTI would be Rs. 400000/- (300000+100000) but he will not get any exemption for prize won in KBC and would be taxed straight at 30.9%. 30% is already paid i.e. 90000 and balance 0.9% would be payable on Rs. 2700/- as self assessment tax.
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06 October 2011
KBC prize amount has to be taxed under section 115BB. Refund can't be claimed on it.
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