87A REBATE

595 views 10 replies
Is this 87A rebate applicable for assessee having income from lottery winnings only
Replies (10)
No...

Rebate u/s 87A available against all types of income except LTCG u/s 112A 

As per my view , rebate u/s 87A is allowed however deduction u/c VI A is not allowed . 

No more any other availability Mr Naveen Chand...
Flat rate tax (as TDS if exceeds 10k) and its must be pay to income tax...
Yes, you can claim rebate against income from lottery winnings as the Section 87A of the Income tax Act,1961 uses the word "total income" which includes all types of income and from all sources. By the way chapter VIa deductions are not allowed in this case from "lottery income" for calculating the total income as per threshold limit.
No way for any deduction and rebate also not available...
Flat rate tax (as TDS if exceeds 10k) and its must be pay to income tax...
Download itr2 and try to fill it. You will get clarity whether we can claim or not against lottery income
Ohh...
I don't know it will be view based on ITR - 2.

But,

Tax is payable flat rate for winning lottery without any availability...
Rebate us 87A is available against all income except long term capital gains. Hence the law doesn't prohibited that rebate us 87A is not allowed against lottery income. first Assessee have to calculate the total tax Liabilities after considering the rebate us 87A and then he have to adjust the TDS on lottery income . Normally it is seen that person who claim the rebate us 87A and simultaneously he have lottery income, this case become the refund if tax
Well...

But, Give Your experience here...

What about TDS refund if deducted Winning Lottery (& related gaming)...?!
Save your income taxes by planning like this
If your income is just above 5 lakhs ..

visit my blog -https://sanjithkotni.blogspot.com/2020/04/change-in-provisions-of-rebate-sec-87a.H T M L?m=1


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads
Loading