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Tds deducted from prise money.

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 February 2014 i have won the car in hosing draw system, instead of taking car i have taken cash money of such amt.party has deducted the tds of Rs.125000 as tds @ 30%.

should i can claim refund of such amt??

thank you.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 February 2014 no...you cannot claim refund of such taxes. prize money is taxed at flat 30% without deduction on any ground including basic exemption limit and Chapter VI deductions.
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 February 2014 thank you so much sir.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 February 2014 you are welcome friend
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