Suresh (age 65) won a prize on lottery ticket on 30-09-2016. The prize amount was ₹ 5,50,000. He had bought lottery tickets for ₹ 75,000 during the year. Assuming that he had no other income chargeable to tax for the yea
CS Executive · Tax Laws and Practice · PYQS · December 2017
Suresh (age 65) won a prize on lottery ticket on 30-09-2016. The prize amount was ₹ 5,50,000. He had bought lottery tickets for ₹ 75,000 during the year. Assuming that he had no other income chargeable to tax for the year, his income tax liability (including cess @ 3%) would be :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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