One of my friends is a stockist for FMCG products. He won a house in a promotion campaign run by one of the manufacturers. Would such a house be treated as "income from lotteries/prizes/ etc" or "profit/ loss from business/profession"? Also, it would be great if you could mention any specific tax planning tips related to such incomes.
Thanks in advance.
If it falls under Explanation (i) to section 2(ix), it is to be treated as income from prizes etc.
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