Regarding lottery winning
This query is : Resolved
09 May 2015
hello experts
kindly solve my below mentioned query;
mr x has won motorcycle in lottery winning in financial year 2014-15. mr x has paid tax @ 30% on the amount of motor cycle. Do mr x need to disclose this transaction in his ITR-4? he has made certain exps on that also like rto registration etc. How will he show this transaction in his return ? please provide guidance for this.
kindly solve my below mentioned query;
mr x has won motorcycle in lottery winning in financial year 2014-15. mr x has paid tax @ 30% on the amount of motor cycle. Do mr x need to disclose this transaction in his ITR-4? he has made certain exps on that also like rto registration etc. How will he show this transaction in his return ? please provide guidance for this.
10 May 2015
yes. you need to declare it in your tax return. but no expenses is allowed against this income.
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