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?
CA Shubhanshu Jain
(Expert)
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
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