Tax on gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2012 i have won a bike in a contest. i was asked to pay tax of rs 15000 (30.9% of the value).
the organizer asked me to fill form 280 and pay advance tax but i have filled form 282 "gift tax" and paid the advance tax online.
my question :
1)have i filled the correct form ?
2)should i mention this gift in my TDS form if yes should i mention the total value of prize. some of the expert say there is no need to mention as i have already paid gift tax.
3)is this tax refundable if my total income for the same year falls below the taxable amount ?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 March 2012 You have to know whether it is a gift or winning from lotteries, games or puzzle ?. In my opinion it is winning from game and is covered under Income Tax Act. So the tax should have been paid under 280 and not under Gift tax.
For your income tax return you have to show the same from income from other sources and the tax paid by you is not refundable.
In your Balance Sheet you have to take the value of the gross amount of the bike as winning from games and the same amount should be capitalised as fixed assets. The tax paid by you should be deducted from your capital.
If you are doing some business then you can advantage of the bike by charging depreciation on it.

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