Hai All,
Is rebate admissible on tax of winnings from lottery?
Anyone please share the section explaing it.
Thanks in advance..
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Section 87 rebate for lottery income
Replies (2)
If total income is less than 5 lakhs rupees from all sources of income after deduction then rebate u/s 87A is available upto 12500 rupees
but in case of lottery income total income from all sources is restricted to lottery income after deduction
but in case of lottery income total income from all sources is restricted to lottery income after deduction
The relevant sections are 115BB and 87A. On combined reading of the same, it can be inferred that rebate is admissible on tax of winnings from lottery.
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