01 July 2013
i got gift from jewllery shop on lucky drow gift is worth rs.25000, as per there claim, gift was given to me, after one month they are call for income tax 30% on gift which they give me what should i do
01 July 2013
Yes it is lottery income so TDS @ 30% is applicable. Jeweller will deduct and give u TDS certificate. You can claim the TDS in your IT return
01 July 2013
The jeweller shoud have deducted tds or taken the tds amount from u before handing u the gift. Anyway tds is applicable and you have to pay that even at a later stage
CAclubindia
