Interested to know also for those Jackpot from Magnum and Toto.
Tax on winning big ticket items, Do i need to pay tax if I win a prize?
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 Dec 20 2010, 06:38 PM
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Dec 21 2010, 02:03 PM
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QUOTE(edyek @ Dec 21 2010, 01:53 PM) It is not taxable? FREE MONEY? U quote wrong people? I did not said it's not taxable. I mean I interested to know whether those jackpot is taxable or not? This post has been edited by almeizer: Dec 21 2010, 02:03 PM |
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Dec 22 2010, 11:19 PM
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QUOTE(xuzen @ Dec 22 2010, 02:25 PM) Income Tax taxes on income. To qualify as income the receivables must satisfy two conditions: It must be a periodic/regular, it must come in from a defined source. Your above scenario of receivables does not satisfy the first condition, hence it is not defined as income. Not taxable. Xuzen Added on December 22, 2010, 2:28 pm If the function of giving out prices is to obtain more business, then the taxpaying company can claim as expenses. Xuzen QUOTE(Invader Zim @ Dec 22 2010, 09:22 PM) how about gift? Xuzen explained the condition for taxable income. I guess that's not taxable. let say my best friend gave rm100,000 to me.. it is taxable? If you have such friend, introduce to me, I won't mind be his/her best friend  |
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