A friend of mine won 15 lakhs froma TV quiz show.
May I know the the tax structure.
Gift Tax?
Income Tax?
Since he is a Central government employee,, 40% of any income or profit has to be given to the Government..
3 Replies
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 06 June 2013
any winnings from lottery, crosswords, game shows, horse race is taxable @ 30% thus the amount won from TV Quiz would be taxed IT @ 30% + Cess 3 %
There is a very clear way in which the tax will be levied on the winnings from such games so there is very little doubt for confusion in terms of the overall behaviour. The winnings from such routes are taxable at a flat rate of 30 per cent. The important thing is that no expenses or allowances will be granted when there is such an earning even though a person would have spent some money on this front.
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 06 June 2013
Mr. Praveen Kumar is absolutely correct.
Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever would be at 30%.
Further, 3% on such 30% will be levied as Education Cess.
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