if a child wins a lottery of 100000...is he liable to pay any tax...if yes % rate and why so..
6 Replies
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 25 July 2017
CHILD IS MINOR SO ITS LOTTERY INCOME WILL BE CLUBBED WITH HIS PARENT 'S INCOME AND YES TAXABLE @ 30% FLAT
Navin Agarwal
(354 Points)
Replied 25 July 2017
but the amount of lottery is only 100000 and not above 2.5 lakhs...so why taxable
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 25 July 2017
if income so clubbed with parents income so it will be more than 2.5 L so taxable
M.Ganesan
(Visiting faculty ICSI)
(29 Points)
Replied 25 July 2017
Taxable if the taxable income of either of his parents, after clubbing, exceeds Rs.2.5 lakh.
CA Sanjay D Shirguppe
(Proprietor)
(24 Points)
Replied 25 July 2017
whether compensation and interest on same recd from spl land acquisition officer on acquisition of agriculture land more than 8 km from municipal limits is it taxable ? if yes then under what sec if no then exempt under what section please guide
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 25 July 2017
compensation received for compulsory acquisition of land under this Act is exempted from the levy of Income tax.
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