Hello everyone,
New here and would like some advice on if I need to pay any taxes and steps I need to follow.
Here's my scenario:
One of my distant relatives won one lakh rupees from a TV game show. She's a housewife and naturally doesn't have any source of income.
I'm a student, and earn very little from offering private tutions to children. I earn approx. Rs. 50,000/- per annum. In short even if we add the prize from the TV game show, we both are below the taxable limit of 2 lakhs.
In short, here are my questions:
1. Do I/my relative need to pay any taxes after the TV show winnings?
2. If the answer to the above question is yes, will it be TDS or do we need to pay it ourselves? What other things do I need to keep in mind and be aware of while proceeding with receiving of cheque?
3. My relative wants the cheque in my name due to some personal problems. Is that possible?
Thanks and regards,
Bhanu