Paresh Rathod (CA) 09 December 2010
Winnings from lotteries, crossword puzzles, or race including horse race (not being income from the activity of owning and maintaining race horse) or card game and other game of any sort or from gambling or betting of any form or nature
Taxable at - 30% + 2% Edu. cess + 1% SHEC
Max Payne (employed) 09 December 2010
|Originally posted by : amit surana|
TAXABLE UNDER HEAD OTHER SOURCES AT NORMAL SLAB RATE
Agree - normal slab rate, IFOS - Absolutely.
I think other members have confused themselves with explanation winning from races including horse races, which is covered u/s 115BB
Manoj B. Gavali (Tax Professional and in Service) 10 December 2010
Income from owning and maintaining race horses is a specific item of income covered by the section 56(2)(ib) of the income tax act. Section 56 tells us the specific type of income which is taxable under the head Income from other source, thus 100% it is taxable under the head of income from other sources. As no special rate prescribed for such income under the income tax act, it would be taxable at the normal rate as per slab rates.
CS LLB Pulkit Gupta (https://www.facebook.com/pages/Life-and-Promises/553962034682487) 10 December 2010