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Prize money received by sports person

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 December 2011 hello,
Whether Prize Money, etc received by Sports person taxable & if yes under what head?
And whether they can claim any expenses on that receipt (ex: prize money from sports club)
Thanking You
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Aijaz Shaikh

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Aijaz Shaikh (Expert)
18 December 2011 It is taxable as income from other sources, no expenses can be claimed.

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