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Provision of rebate
is rebate u/s 87A is available for income from lottery tickets??
Replies (4)
A resident individual having taxable income upto Rs 5,00,000 will get a tax rebate of Rs 12,500 or equal to the amount of tax payable (whichever is lower).
in this case if you win more than 10000 and taxed at 31.2%, if this is lower than 12,500 rebate, then
| Tax Payable | Rebate u/s 87A |
|---|---|
| Less than Rs. 12,500 | Equal to the tax amount payable |
| Exactly Rs. 12,500 | Rs. 12,500 |
| More than Rs. 12,500 | NIL |
Rebate will be available if income is less than 500000 rupees than a rebate u/s 87A will be given for 12500 rupees. It is applicable on lottery income also
Yes, applicable. The condition is that Total Income shall not be more than 5L.
Agreed
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