Omitted by the Finance Act, 1986, w.e.f. 1-4-1987
Deduction in respect of winnings from lottery.
9280TT. [Omitted by the Finance Act, 1986, w.e.f. 1-4-1987. Original section was inserted by the Finance Act, 1972, w.e.f. 1-4-1972.]
92. section 80TT, as amended by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981, stood as under:
"Where the gross total income of an assessee, not being a company, includes any income by way of winnings from any lottery (such income being hereafter in this section referred to as winnings), there shall be allowed, in computing the total income of the assessee, a deduction from the winnings of an amount equal to,—
(a) in a case where the winnings do not exceed five thousand rupees, the whole of such winnings;
(b) in any other case, five thousand rupees as increased by a sum equal to fifty per cent of the amount by which the winnings exceed five thousand rupees."
[AS AMENDED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987]