Salary with lottery income
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?
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?
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.
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.
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