what is the tax liability to an individual from lottery,realty show winnings.
what if the winning is in kind and not in cash
5 Replies
Pawan Kr. Tomar
(CA)
(169 Points)
Replied 23 November 2010
Tax Rate is 30% + 3% cess of value of price. (It is mandatory to deduct TDS of same rate, if gift in kind then amount of tax is deposited first.
ANKSS
(CA)
(151 Points)
Replied 23 November 2010
agree with pawan.
tax which is deposited should be taken in cash from the person receiving gift in kind
(Guest)
| Originally posted by : PAWAN | ||
 |
Tax Rate is 30% + 3% cess of value of price. (It is mandatory to deduct TDS of same rate, if gift in kind then amount of tax is deposited first. |
 |
I agree..........
M .K. Jha
(CA Final)
(484 Points)
Replied 24 November 2010
Yes, now TDS rate on Winnings and lotteries in cas or kind should be taxed @ 30% but not Education Cess
In Winnings or lotteries in kind the also it should be taxed now with value of such winnings...
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