Winning from online betting on sports
Querist : Anonymous
I was received in bank rs 30000 by investing rs 20000 in online betting site and all transactions done through saving bank account.it attract any tax .if yes what is tax amount.
Please tell full details
Thanks in advance....
Querist : Anonymous
The entire winning amount (Rs 30,000) is taxable under the head “Income from Other Sources”.
There is no deduction allowed for the amount invested (Rs 20,000) or any other expenses against such income.
Tax is to be paid on the full winning amount (Rs 30,000), not just the profit.
The applicable tax rate is 30% plus applicable surcharge and cess (effective around 30.9%).
Summary:
Amount Taxable? Tax rate
Rs 20,000 (your stake) No N/A
Rs 30,000 (winning) Yes 30% + surcharge + cess
So, you pay tax on the Rs 30,000, not just the Rs 10,000 profit.
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