UNIT 16 ASSESSMENT OF INDIVIDUALS

IP 200938 Connecticut Income Tax Treatment of State Lottery winning from lottery is taxable under which head of income ITR-2 Form · Income from Salary or Pension · Income from House Property · Income from Capital Gains · Income from Other Sources ( winning bid slot machine 50,000 in a financial year Point to note: If you receive money from winning the lottery, OnlineTV game shows etc , it will be taxable under

winning numbers for the lottery tonight In conclusion, it is important to remember that the majority of sizable prize money and gifts are subject to taxation under the Income Tax Act,