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Taxabilityor not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 if real estate company will give free car with purchase of flat and charged only flat cost. is it any tax liability on car.

means its not gift and not lottery or winning item. scheme for some flats not for all.

CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)
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01 September 2011 ..it's subjected to TDS because the real estate company is not in the business of selling the car, the instant scheme of car with Flat is a part of incentive or sales promotion activity, sec.194B is to be applied with.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 September 2011 It is nature of gift/prize only, which is given on basis of chance and without price

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