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what will be income tax on winning lottary

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2010 Would you let me know wht will be the income tax on lottary amount
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
13 September 2010 Lottory income taxable at higher rate @ 30%
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
14 September 2010 30% plus 3 % education cess. lottery company would give prize money only after deduction TDS at above said rate and TDS is applicable only if prize is more than Rs 5000.
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