Winning from a draw

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cvmashru (Querist)
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07 December 2012 "A" wins a car in a draw from Newspaper publishing co. which was held between yearly subscribers of Newspaper publishing co. Now my questions are :

(1) How "A" should reflect the car in his accounts?

(2) Whether amount of car is treat as an income of the assessee?

(3) Whether TDS should be made by Newspaper publishing co.? If yes then what will be the procedure and under which section?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 December 2012 1. Since the car is a GIFT, it CANNOT be recorded in the books as Mr. A has NOT paid anything to acquire the car.

2. The monetary value of the car is taxable as income of Mr. A u/s 56.

3. TDS is required to be deducted @ 30% u/s 194B.

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