IT on chit fund amount

P.ESAKKIMUTHU (Querist) 10 July 2017 This query is : Resolved
Whether income tax is chargeable for lumpsum Chit fund amount taken in auction for periodical monthly payments already paid and payable.if so to what extent

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P. Venu (Expert) 11 July 2017
You may take up the matter with CAclubindia,

Rajendra K Goyal (Expert) 11 July 2017
State material facts of the problem if any.

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Looks like examination question.

P.ESAKKIMUTHU (Querist) 11 July 2017
This is my case. I am paying monthly RS.12500 for the chit amount of 5 lakhs for 40 monthly payment.i am during the currency of the chit taking auction of RS.4.25 lakhs.whether or to what extent IT is payable for the receipt of RS.4.25 lakhs now