Lottery winning
This query is : Resolved
12 January 2014
i want to ask who to assess the income won in lottery under following situation -
suppose a person won a car on lottery worth rs. 500000 and the giver has cut the tds on 500000 and the car is received by the person now the question is how to assess the the winning of this winning
as the car received is of 500000 and according to the rule the recieved amount in lottery has to gross up and then the tds have to cut
so wheather 500000 has to be taken as gross amount or net amount and if 500000 is net so we have to pay extra tds according to the gross up amount
12 January 2014
He has to gross up amount to arrive at taxable ammount.
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