Tds on winning gift on gift coupons
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2012
A gift coupon is given to a depositor who deposits Rs 5000/ in a scheme of the society. Out of 1000 gift coupons one depositor is selected in a draw for giving a gift of motor cycle costing Rs 40000/. Whether provision of Section 194 B are applicable and TDS will be deducted on Rs 40000/ @30% ?
Sunny Sonwal
(Expert)
05 November 2012
Yes, TDS would be deducted under section 194B because this is type of lottery winnings.
22 November 2012
TDS will be applicable. However, There may be 2 situations:
1. TDS is separate from winning:
TDS = 40,000*30.9% = Rs. 12,360
2. TDS is part of the amount of winning:
TDS = 40,000*30.9/130.9 = Rs. 9,442/-
1. TDS is separate from winning:
TDS = 40,000*30.9% = Rs. 12,360
2. TDS is part of the amount of winning:
TDS = 40,000*30.9/130.9 = Rs. 9,442/-
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