Winning Lottey
This query is : Resolved
08 August 2008
Dear friends,
I have one doubt about income from winning lottery, If a person winning lottery he will get the amount after deducting Tax (eg.if he won by Rs.50,000/-lottery, but actually get 30,000 ie after deducting Tax)
My doubt,
if he file the return we show that his lottery amount also(income from winning lottery).correct?
Whether any additional tax liable for this amount....
What was the treatment? if he can claim any refund for the first tax cutting amount?
I have one doubt about income from winning lottery, If a person winning lottery he will get the amount after deducting Tax (eg.if he won by Rs.50,000/-lottery, but actually get 30,000 ie after deducting Tax)
My doubt,
if he file the return we show that his lottery amount also(income from winning lottery).correct?
Whether any additional tax liable for this amount....
What was the treatment? if he can claim any refund for the first tax cutting amount?
02 April 2012
Income from lottery is taxable at a flat rate of 30%. Further, TDS on such income is also deducted @ 30%.
So, there will be no additional liability at the time of filing the return.
Also, if his other income is less than the exemption limit, then the unutilised amount shall be deducted from the lottery income and tax will be calculated on the balance amount.
Accordingly refund will arise in such a case.
So, there will be no additional liability at the time of filing the return.
Also, if his other income is less than the exemption limit, then the unutilised amount shall be deducted from the lottery income and tax will be calculated on the balance amount.
Accordingly refund will arise in such a case.
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