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..
Mrs.Girija Kumar (Bank ) (98 Points)
06 June 2013A 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..
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 06 June 2013
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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