Clarification regarding gift tax act

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2012 Pls help in the following case.

a person wins a sony bravia lcd in a lucky draw at a mall and is asked to collect it from one of the sony authorised dealers.

the person collects the lcd and is asked by the sony authorised dealer to pay the amount of gift tax to him and he will get the tax deposit and will claim the price of the lcd from the sony company.

queries:

1) The rate at which the gift tax is to be deducted?

2) is it compulsory to have tan no. to deposit the tax?
because i asked the dealer that i will get the tax deposit and i will provide him the photocopy of the challan. He said it requires TAN for depositing the tax.

3) If i get deposit the tax then pls help which challan to fill and where to file the challan.

thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

28 April 2012 Yes, it requires TAN No of the Deductor and not of yours.
.
TDS is deductible @ 30.9% of the value of the LCD.
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It will be better to get filled up the challan No 281 from the company itself. You may pay the amount online/ Bank, but please take care, the amount will be deposited on behalf of the Mall.
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You may refer the following link -

https://incometaxindia.gov.in/ARCHIVE/CHALLAN281.PDF

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