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Income can be of different types, from salary to business profits, rent, and interest on investments. The concept of casual income is different from all of these standard types of income. Since lottery and betting money are a one-time thing, you may believe you are exempt from paying income tax, but this is untrue. To deter winnings from gambling or betting, the Indian government imposes a fixed tax rate on casual income. The Income Tax Act's Section 115BB addresses the tax r

Receiving a gift is always a joyful experience, whether it's cash, jewellery, property, or other valuable assets. While the Gift Tax Act was abolished in India in 1998, gifts can still be taxable under the Income Tax Act, 1961. The taxation of gifts is governed by Section 56(2)(x), which determines when a gift becomes taxable based on its value, the relationship between the donor and recipient, and the type of asset received. Understanding the tax rules for gifts is essential