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Taxation of trophies,medals etc.

Arka Bose (None) (313 Points)

31 July 2012

If any athele wins any golden trophy etc,will they be charged to the income tax under the head PGBP?

Medals trophies are generally termed as capital assets so if they receive,will they be charged under PGBP or something else?

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Tehsinkhan Pathan (CA CMA DISA(ICAI) B.COM) (3956 Points)
Replied 31 July 2012

Awards are exempt by virtue of Section - 10(17A), whether paid in cash or in kind, are exempt from tax -

1. Any payment made in pursuance of any award instituted in the Public interest by he Central Govt or any State Govt. or instituted by any other body and approved by the central Govt.

2. Any payment made as reward by the Central Govt. or ant state govt for such purposes as may be approved by the Central Govt. in this behalf in the Public Interest.