Suppose i Participate in a contest by paying my own money and taking the risks of losing that money. The contest i participate in is a contest based on pure skill involving a technical cricket photograph where other participants are also taking part and there is no luck involved and everyone is paying to give an entry. Now the contest is judged by a panel of experts like cricket professionals and Cricket umpires. The answer the judging panel comes out with and the person who matches them or is closest to their answers wins the contest. Will the person who wins in the contest and win a prize lets say a mobile phone, laptop or anything above the amount of Rs 10,000 be liable for a Gift tax, as such a prize will not be a gift but a contest a person wins.
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