Claiming expense on gift given
This query is : Resolved
26 October 2022
My business is planning to give a car as gift to customer on lucky draw. Car is worth 10-15 lakh. Couls u pls advice on the rax implications.
Dhirajlal Rambhia
(Expert)
26 October 2022
Being lucky draw award, 30% tax would be applicable to the winners, as per sec 56(2)(x) of IT act.
U/s. 194B of IT act, the donor has to deduct TDS at 30%+ cess or collected it from winner and pay it to treasury, before handing over the CAR to winner.
U/s. 194B of IT act, the donor has to deduct TDS at 30%+ cess or collected it from winner and pay it to treasury, before handing over the CAR to winner.
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