Salary with lottery income

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 in the 2011-2012 assesment year,i have total Rs. 72000/- as salary in last year and a lottery winning amount of total Rs. 230000/- in last year .
for my lottery winning i have paid Rs. 71000/- as tax(TDS).
i want to know whethere i will get the exemption of the Basics of Rs. 160000/- on the total amount(72000+230000).and will i get the refund of tax?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

26 July 2011 You will not get any refund.

Income from winning from lotteries is treated separately from rest of the total income. As such it does not form part of the total income. Pl refer Section 115BB.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now