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87A REBATE

Eshwar V (Asst Prof of Commerce) (54 Points)

04 April 2020

Is this 87A rebate applicable for assessee having income from lottery winnings only

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10 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 April 2020

No...

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 04 April 2020

Rebate u/s 87A available against all types of income except LTCG u/s 112A

As per my view , rebate u/s 87A is allowed however deduction u/c VI A is not allowed .

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 April 2020

No more any other availability Mr Naveen Chand...
Flat rate tax (as TDS if exceeds 10k) and its must be pay to income tax...

CA Uma Sankar (Member) (75 Points)
Replied 04 April 2020

Yes, you can claim rebate against income from lottery winnings as the Section 87A of the Income tax Act,1961 uses the word "total income" which includes all types of income and from all sources. By the way chapter VIa deductions are not allowed in this case from "lottery income" for calculating the total income as per threshold limit.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 April 2020

No way for any deduction and rebate also not available...
Flat rate tax (as TDS if exceeds 10k) and its must be pay to income tax...

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CA Uma Sankar (Member) (75 Points)
Replied 04 April 2020

Download itr2 and try to fill it. You will get clarity whether we can claim or not against lottery income

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 04 April 2020

Ohh...
I don't know it will be view based on ITR - 2.

But,

Tax is payable flat rate for winning lottery without any availability...

AKASH DHANUKA (42 Points)
Replied 05 April 2020

Rebate us 87A is available against all income except long term capital gains. Hence the law doesn't prohibited that rebate us 87A is not allowed against lottery income. first Assessee have to calculate the total tax Liabilities after considering the rebate us 87A and then he have to adjust the TDS on lottery income . Normally it is seen that person who claim the rebate us 87A and simultaneously he have lottery income, this case become the refund if tax

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 05 April 2020

Well...

But, Give Your experience here...

What about TDS refund if deducted Winning Lottery (& related gaming)...?!

sanjith kotni (Articled assistant) (663 Points)
Replied 28 April 2020

Save your income taxes by planning like this
If your income is just above 5 lakhs ..

visit my blog -https://sanjithkotni.blogspot.com/2020/04/change-in-provisions-of-rebate-sec-87a.H T M L?m=1