Tds on winning gift on gift coupons
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2012
A gift coupon is given to a depositor who deposits Rs 5000/ in a scheme of the society. Out of 1000 gift coupons one depositor is selected in a draw for giving a gift of motor cycle costing Rs 40000/. Whether provision of Section 194 B are applicable and TDS will be deducted on Rs 40000/ @30% ?
05 November 2012
Yes, TDS would be deducted under section 194B because this is type of lottery winnings.
22 November 2012
TDS will be applicable. However, There may be 2 situations:
1. TDS is separate from winning:
TDS = 40,000*30.9% = Rs. 12,360
2. TDS is part of the amount of winning:
TDS = 40,000*30.9/130.9 = Rs. 9,442/-
1. TDS is separate from winning:
TDS = 40,000*30.9% = Rs. 12,360
2. TDS is part of the amount of winning:
TDS = 40,000*30.9/130.9 = Rs. 9,442/-
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