Lottery winnings
This query is : Resolved
Vijay Jethwa
(Querist)
08 September 2011
In A.Y.-2011-12, I have a Businness loss of Rs.4,00,000/-
and a Prize Winning of Rs.6,00,000/-
1.Can it be off setted??
2.Whether I ll get deduction u/ch VI A??
3.Whether I ll get minimum exemption of Rs.1,60,000/-??
Please solve my query..
reference to sections and case laws will be appreciated.
thank you.
and a Prize Winning of Rs.6,00,000/-
1.Can it be off setted??
2.Whether I ll get deduction u/ch VI A??
3.Whether I ll get minimum exemption of Rs.1,60,000/-??
Please solve my query..
reference to sections and case laws will be appreciated.
thank you.
08 September 2011
For all your question, my answer is big "No". I think tds would have been deducted, that can be claimed as credit. Net effect is neither tax is payable nor it is refundable.
Mihir Doshi
(Expert)
08 September 2011
business loss can not be claimed against winning from lotteries. Business loss can be carried forward till next 8 assessment year and set off against business profit.
No effect of claiming any deduction as there is a loss.
No effect of claiming any deduction as there is a loss.
Mihir Doshi
(Expert)
08 September 2011
business loss can not be claimed against winning from lotteries. Business loss can be carried forward till next 8 assessment year and set off against business profit.
No effect of claiming any deduction as there is a loss.
No effect of claiming any deduction as there is a loss.
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