if a child wins a lottery of 100000...is he liable to pay any tax...if yes % rate and why so..
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Lotteries
Replies (6)
CHILD IS MINOR SO ITS LOTTERY INCOME WILL BE CLUBBED WITH HIS PARENT 'S INCOME AND YES TAXABLE @ 30% FLAT
but the amount of lottery is only 100000 and not above 2.5 lakhs...so why taxable
if income so clubbed with parents income so it will be more than 2.5 L so taxable
Taxable if the taxable income of either of his parents, after clubbing, exceeds Rs.2.5 lakh.
whether compensation and interest on same recd from spl land acquisition officer on acquisition of agriculture land more than 8 km from municipal limits is it taxable ? if yes then under what sec if no then exempt under what section please guide
compensation received for compulsory acquisition of land under this Act is exempted from the levy of Income tax.
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