Income from owning and maintaining race horses

taxable under other sources at 30% + 10 %surcharge +3% CESS if applicable 

Sec. 115BB

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

TAXABLE UNDER HEAD OTHER SOURCES AT NORMAL SLAB RATE

Taxable under head I.F.O.S.  ..

normal tax rate are applied for taxability

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

I agree with you .G.K.. It is taxable under other sources

Taxable under head other sources at normal slab rate.

It is taxable under PGBP and is taxable at normal slab rate since from last two years i m doing accounting as well as filing return of person who is owning and maintaing race horses in Pune Race Course.

I agree with paresh rathod

Taxable under "Income from other source"

Normal slab rate + education cess is applicable.

 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.

regards,

manoj

Totally agreed with Manoj bhaiya........

It  is taxable under sec 56 and no special rate is there.......

it will taxed at the normal slab rate..

Hey Thanks to all of yoy.........