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Income for winning prize

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70 Points Posted on 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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On 09 October 2020 at 18:00 Report
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Tax and Business Consultant
11616 Points Posted on 09 October 2020
Yes, ....of course
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On 09 October 2020 at 18:44
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70 Points Posted on 09 October 2020
Thanks
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On 09 October 2020 at 19:40
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24 Points Posted on 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.
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On 10 October 2020 at 13:58
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70 Points Posted on 10 October 2020
Ok, is interest of house loan comes under chapter VI A
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On 10 October 2020 at 14:47
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24 Points Posted on 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.
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On 10 October 2020 at 15:05
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70 Points Posted on 10 October 2020
From where I have to show in ITR-2 sir
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On 10 October 2020 at 15:11
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24 Points Posted on 11 October 2020
I did not get you :(
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On 11 October 2020 at 06:18


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