Income from owning and maintaining race horses is taxable under which head of income and at what rate?
Income from owning and maintaining race horses
NIKIT SHETH (Chartered Accountant) (55 Points)
09 December 2010NIKIT SHETH (Chartered Accountant) (55 Points)
09 December 2010Income from owning and maintaining race horses is taxable under which head of income and at what rate?
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 09 December 2010
taxable under other sources at 30% + 10 %surcharge +3% CESS if applicable
Paresh Rathod
(CA)
(222 Points)
Replied 09 December 2010
Sec. 115BB
Winnings from lotteries, crossword puzzles, or race including horse race (not being income from the activity of owning and maintaining race horse) or card game and other game of any sort or from gambling or betting of any form or nature
Taxable at - 30% + 2% Edu. cess + 1% SHEC
CA Amit surana
(C.A.)
(186 Points)
Replied 09 December 2010
TAXABLE UNDER HEAD OTHER SOURCES AT NORMAL SLAB RATE
Max Payne
(employed)
(2569 Points)
Replied 09 December 2010
Originally posted by : amit surana | ||
TAXABLE UNDER HEAD OTHER SOURCES AT NORMAL SLAB RATE |
Agree - normal slab rate, IFOS - Absolutely.
I think other members have confused themselves with explanation winning from races including horse races, which is covered u/s 115BB
Rajesh
(Articled Clerk)
(50 Points)
Replied 09 December 2010
I agree with you .G.K.. It is taxable under other sources
Misha
(CCI STUDENT.....)
(773 Points)
Replied 09 December 2010
Taxable under head other sources at normal slab rate.
swati arora
(CA & CS student)
(83 Points)
Replied 10 December 2010
Taxable under "Income from other source"
Normal slab rate + education cess is applicable.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 10 December 2010
Income from owning and maintaining race horses is a specific item of income covered by the section 56(2)(ib) of the income tax act. Section 56 tells us the specific type of income which is taxable under the head Income from other source, thus 100% it is taxable under the head of income from other sources. As no special rate prescribed for such income under the income tax act, it would be taxable at the normal rate as per slab rates.
regards,
manoj
CS LLB Pulkit Gupta
(https://www.facebook.com/pages/Life-and-Promises/553962034682487)
(16631 Points)
Replied 10 December 2010
Nishi
(CA Final Student)
(190 Points)
Replied 10 December 2010
Totally agreed with Manoj bhaiya........
It is taxable under sec 56 and no special rate is there.......
it will taxed at the normal slab rate..
NIKIT SHETH
(Chartered Accountant)
(55 Points)
Replied 10 December 2010
Hey Thanks to all of yoy.........
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