lottery income

See for disclusure purpose in form it will be shown under business income but will be taxable at flat rate...

thanx...

@  Sneha & @ Rohit: i want to correct my self ..... the business here is sale of lottery tickets and not playing lottery... so i think it is income from other sources and will be taxable as usual.....

but this person is winning lottery from the leftover stock of tickets only nd not buying it from outside....so it might be treated as  a business income 

@ sneha i hav studied about dis during mu prep for finals bt i m nt being able to remember properly... i wil gt bak to u on dis query for sure.....

ya..do get back to this plz....my teacher told me its a business income according to some case  decision......but i wasnt satisfied myself in this regard...

Hi friends,

The said income of winning from holding of lottery tickets is in the form of adventure in the nature of trade which is as per the income tax law is included as business income.

Regards,

Manoj

INTERESTING QUESTION......WAIT....

This income will be IOS only & beyond doubts, I can say that as the assessee has won a lottery, & nowhere in sec 28 - 44 it is stated that any type of winning from lottery or any such income is Bp income, but it clearly states Income from bp is income earned or loses made from business / venture dealings & left over stock of lottery winning prize has nothing to do with business dealing, Assessee can claim a business stock loss as left over Lotteries after draw are obsolete & non usable/scrap stock so can be w/off in p & L a/c but Winning from lottery in any case is IOS, & cannot be treated as B/P income However in this typical but a good knowledge bank que. I request some qualified & learned members to Pls send a correct ans & also tell me if I am wrong where & technically how i am wrong it will add to my knowledge sir

Its a Business Income nd Taxable as in Slab not at Flat rate....

Agree with Rohit....

It should be taxable under OS & should be taxed at flat rate of 30%, Because any type of lottery winning comes under OS.

No, its casual income and will be charged at a flat rate

Here the business of the person is earn profit through the sale of tickets, and not to earn the uncertain income from lottery.So for him also it will be taxable as IOS.