I have given media space to a car dealer. he in return has given Car of equivalent value to me. this car is given to a winner of a promotional scheme by me. but the car is given directly by car dealer to winner on my behalf. the winner pays for TDs as applicable.
playback advise tax implications.
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Barter transactions
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Taxability over you and the car dealer for sale/supply worth cost of car.
Taxability over the prize winner as income under Section 56 of the Income-tax Act and shall be classified as ‘Winning from Lotteries, etc.,’ Hence, U/S 115BB, such income shall be taxed at 30% (plus applicable surcharge and cess)
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