Winning on TV shows
This query is : Resolved
15 March 2009
I won a mobile phone on one of the TV shows. The organizer requested me to deposit the tax @ 30.9% of the advertised value of the phone, which I did and submitted the proof.
It took the organizer 3 months to send over the phone to me and the invoice accompanying the phone showed 50% of the advertised value which actually matched then current market price.
Now while filing my tax return, should I show the advertised value of the prize or the value at the time of receipt of prize?
Regards.. Naveen
It took the organizer 3 months to send over the phone to me and the invoice accompanying the phone showed 50% of the advertised value which actually matched then current market price.
Now while filing my tax return, should I show the advertised value of the prize or the value at the time of receipt of prize?
Regards.. Naveen
Rajesh Kumar
(Expert)
15 March 2009
Take the invoice value of the phone.
CA.SHAHZAD SAYYED
(Expert)
15 March 2009
Taxation of winning from TV Games cover U/s 115BB, You won the Prize in kind and Tax with special rates have already been paid so i think no need to show the same while filing your Return
CA Nitin Wadhwani
(Expert)
15 March 2009
The Value mentioned in the Form no 16A.
CA.SHAHZAD SAYYED
(Expert)
15 March 2009
Thanks Nitin Sir for Clarification
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