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?
CA PARAS BAFNA
(Expert)
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.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Visiting card purchase
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Whether output tax is taken credit by purchaser
- Equity Share Sale and Purchase
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
