Have a doubt regarding Horse race provisions? Under what heads will these be taxed?
i) Winning from Horse race..
ii)Owing and Mantaining of horserace..
iii) Owning of Race clubs where races are organised..
Kindly reply
castudent (student) (113 Points)
30 August 2011Have a doubt regarding Horse race provisions? Under what heads will these be taxed?
i) Winning from Horse race..
ii)Owing and Mantaining of horserace..
iii) Owning of Race clubs where races are organised..
Kindly reply
* Krishna *
(CA Student)
(6149 Points)
Replied 30 August 2011
Taxable at flat rate as per Section 115BB under the head 'Income from Other Sources'.