Tds on gift

TDS will be deducted @ 30.9%.

Firstly, it is not a gift but a prize won by you. Gift is something given out of gratitude, love or affection.

This is to be considered as Income from winnings from lottery, etc liable to be taxed under income from other sources and the payee is liable to deduct tax @ 30% + 3% Education Cess totalling to 30.9% as per the provisions of section 194B

Thank you very much for your prompt reply. 

regards

Biju Nair