Income for winning prize

Shree Babu (70 Points)

09 October 2020

one person has tds deducted for winning prize under section 194B . the person is below the taxable limit. can he get refund if he file return

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7 Replies

Sagar Patel (Tax and Business Consultant) (11511 Points)
Replied 09 October 2020

Yes, ....of course

Shree Babu (70 Points)
Replied 09 October 2020

Thanks

dbhandarys.clients@gmail.com (24 Points)
Replied 10 October 2020

Casual income is taxable at a flat rate of 30%. No deduction under Chapter VI A or basic exemption limit is available for such income.
However he can claim tax rebate upto Rs.12,500/- u/s 87A if his total income does not exceed Rs.5 Lacs.

Shree Babu (70 Points)
Replied 10 October 2020

Ok, is interest of house loan comes under chapter VI A

dbhandarys.clients@gmail.com (24 Points)
Replied 10 October 2020

Interest on housing loan can be claimed as follows-
u/s 24(b) if Self occupied property- Max claim upto Rs.2 lacs.
u/s 24(b) if let out- To the extent interest paid.
The above do not come under Chapter VI A deductions.

But you cannot claim the HP loss against your casual income.