Tax on Lottery winning
This query is : Resolved
Quick Summary
06 April 2023
Hi,
One of my clients had won lottery ( Dream 11 ) of Rs. 75000 in F.Y. 2022-23. Before the winning this amount he already lost 50000 rs in the lottery in same financial year. I just want to know, how much amount is taxable in this situation. Total net winning or (Net winnings - previous loss).
One of my clients had won lottery ( Dream 11 ) of Rs. 75000 in F.Y. 2022-23. Before the winning this amount he already lost 50000 rs in the lottery in same financial year. I just want to know, how much amount is taxable in this situation. Total net winning or (Net winnings - previous loss).
06 April 2023
How much TDS was deducted?
06 April 2023
Taxable amount Rs. 75,000.
Loss Rs. 50,000 cannot be set off . Refer section 58(4) and 115BB of the Income tax Act,1961.
Loss Rs. 50,000 cannot be set off . Refer section 58(4) and 115BB of the Income tax Act,1961.
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