Tax Exemption on the Prize Won by a Holder of a Prize-Winning Sweepstakes Ticket
BIR Ruling No. 491-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 28, 1959
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September 28, 1959 BIR RULING NO. 491-59 Mr. V. Yao Southern Bakery Malangas, Zamboanga del Sur S i r : In reply to your letter dated December 28, 1958, I have the honor to inform you that the prize won by the holder of a prize-winning sweepstakes ticket is exempt from the income tax, pursuant to section 4 of Republic Act No. 1169. However, for BIR record purposes, it is advisable that the amount of the prize received be reported in the individual income tax return (B.I.R. Form No. 17.01) under schedule "A" thereof. cdt Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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