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Lottery income

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(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?
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CA. Deepak Narula

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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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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 October 2011 KBC prize amount has to be taxed under section 115BB. Refund can't be claimed on it.
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