lottery and gift
Nitin Patil (33 Points)
12 October 2017
lottery Income - Please Explain tax rate on lottery or gift income
Nitin Patil (33 Points)
12 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174880 Points)
Replied 12 October 2017
Lottery or any such winnings come under special income tax rate at 30% plus cess.
Gifts are treated normally........... taxed under IFOS (if from non-relatives) and taxed at slab rate.
Gifts from relatives as per sec. 56(2)(vii) of IT Act, are exempted
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