Prize given in a annual day celebrations
This query is : Resolved
10 March 2017
My Client a Private Company has gifted a House Property to a winner of cultural activity held on the accasion of Annual day celebrations. what are the tax consequences? Should the company deduct TDS? If yes, how much is deductable? since the gift is not in the nature of cash, how to deduct?
10 March 2017
If there is no condition regarding who has to bear tax liability in case of prize in kind, the one who give prize has to bear it, As per 194B TDS on casual income is to deducted at 30%, if prize is in kind then tax is calculated on market value of prize. So Co. has to deduct tax @ 30% on market value of house.
i hope this will resolve your query
i hope this will resolve your query
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- TDS AND ITR ISSUE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- GST Rate for Catering Services
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
