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Income from chits

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2012 My brother is investing Rs.50000 every month from his savings in chits for a period of 40 months in the given case suppose he pays totally 17,00,000 for the period ended 40 months and he gets a lump sum amount of Rs.20,00,000 how to treat the difference amount of Rs.3,00,000 in Income Tax(ie taxability)?

In the contrary to the above case if he pays Rs.20,00,000 and gets only Rs.17,00,000 how to treat this difference amount assuming he has taken the amount in the 10 month


Thanks in advance
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
30 March 2012 the difference will be taxed as income from other sources in either case whenever received
CA MANOJ GUPTA
JODHPUR
09828510543
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2012 What about taxability of Dividend on Chits received every month?

Kindly brief on point of taxation?
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2012 What about taxability of Dividend on Chits received every month?

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