Taxabilty of help to needy person on tv show and gift
This query is : Resolved
16 February 2010
Dear All,
I have the following query pertaining to the Income Tax Law :
There is a show on Sony Entertainment TV Channel called 'Lift Karade.' They
call one celebrity on the show and have 3 of their fans (selected through
unknown criteria) compete with each other in order to win a meet with their
superstar. While the winner among 3 gets to meet their superstar, they are
also given a Gold Medal as a token of appreciation with the celebrity's
autograph embossed on it. Also, they provide some monetary help usually
amounting to near Rs. 10 Lakhs to some needy person selected by the
production team from a city nominated by the celebrity. I have got the
following taxability concerns :
a) What will be the taxability of the received amount in the hands of that
needy person?
b) Will the amount be allowed to the production house as a deduction in
calculating the taxable income?
c) Will the gold medal received by the winner fan taxed as gift?
Hope to receive your views on the same.
Thanks & Regards.
RAjkumar Sagar
CA Final (old) Student*
I have the following query pertaining to the Income Tax Law :
There is a show on Sony Entertainment TV Channel called 'Lift Karade.' They
call one celebrity on the show and have 3 of their fans (selected through
unknown criteria) compete with each other in order to win a meet with their
superstar. While the winner among 3 gets to meet their superstar, they are
also given a Gold Medal as a token of appreciation with the celebrity's
autograph embossed on it. Also, they provide some monetary help usually
amounting to near Rs. 10 Lakhs to some needy person selected by the
production team from a city nominated by the celebrity. I have got the
following taxability concerns :
a) What will be the taxability of the received amount in the hands of that
needy person?
b) Will the amount be allowed to the production house as a deduction in
calculating the taxable income?
c) Will the gold medal received by the winner fan taxed as gift?
Hope to receive your views on the same.
Thanks & Regards.
RAjkumar Sagar
CA Final (old) Student*
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- GST ON TRAVELLING BILLS
- Indian IT Portal issue in computing tax as per UK-India DTAA
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
