News Topics

Can income tax deducted from lottery winnings b...

Can income tax deducted from lottery winnings be claimed as a refund?

Can income tax deducted from lottery winnings be claimed as a refund?

0
Chiranjibi Aug. 02, 2018

No.

Money received out of winning from lottery falls under the Head ‘Income from Other Sources’. This amount will be taxable at flat rate of 30%.

It doesn't matter if your overall income is below taxable limit. because the benefit of basic exemption limit is not applicable in this case.

You have to pay tax at 30% on the amount 'won' with the only exception that TDS is deducted when the amount exceeds Rs 10000, therefore the TDS can't be claimed as refund.

0
Chiranjibi Aug. 02, 2018

No.

Money received out of winning from lottery falls under the Head ‘Income from Other Sources’. This amount will be taxable at flat rate of 30%.

It doesn't matter if your overall income is below taxable limit. because the benefit of basic exemption limit is not applicable in this case.

You have to pay tax at 30% on the amount 'won' with the only exception that TDS is deducted when the amount exceeds Rs 10000, therefore the TDS can't be claimed as refund.

Can income tax deducted from lottery winnings be claimed as a refund?

Ask Question Create News