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Lotteries

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354 Points Posted on 25 July 2017

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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On 25 July 2017 at 16:44 Report
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Chartered Accountant
12739 Points Posted on 25 July 2017

CHILD IS MINOR SO ITS LOTTERY INCOME WILL BE CLUBBED WITH HIS PARENT 'S INCOME AND YES TAXABLE @ 30% FLAT 

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On 25 July 2017 at 16:47
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354 Points Posted on 25 July 2017
but the amount of lottery is only 100000 and not above 2.5 lakhs...so why taxable
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On 25 July 2017 at 16:58
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Chartered Accountant
12739 Points Posted on 25 July 2017

if income so clubbed with parents income so it will be more than 2.5 L so taxable 

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On 25 July 2017 at 17:03
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Visiting faculty ICSI
29 Points Posted on 25 July 2017
Taxable if the taxable income of either of his parents, after clubbing, exceeds Rs.2.5 lakh.
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On 25 July 2017 at 17:04
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Proprietor
24 Points Posted on 25 July 2017
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
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On 25 July 2017 at 17:08
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Chartered Accountant
12739 Points Posted on 25 July 2017

compensation received for compulsory acquisition of land under this Act is exempted from the levy of Income tax.

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On 25 July 2017 at 17:16


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