Income tax on prize money received from motar race

This query is : Resolved

devendra (Querist)
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28 March 2013 Under what head, Prize money received from Motar Race is Taxable?. and what Rate?.. Can we claim expenses against the Income??

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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29 March 2013 It is taxable under the head

"Income from Other Sources"

it is taxable at special rate i.e @ 30%

no deduction is allowed against Such Incomes i.e. Casual Income

Casual Income - Income by way of earnings from lotteries, cross word puzzles, races including horse races, card games
and other games of any sort or from gambling or betting

devendra

devendra (Querist)
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29 March 2013 is it excempted u/s 10? being income from prize money in countinous nature participated in motar race not by way of gambling nature.

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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01 April 2013 no it is not exempt U/s 10
i know its not in nature of gambling
but races have been specifically included for the purpose.

Have other expert opinion.