one of my friend being a student received electronic aplicance on the basis of lottery draw . now company demended tds on lottery prize , my question is that such tds amount can be claimed as refund given the fact that such such does not have any other income
2 Replies
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 05 January 2012
Yes of course you can claim it. If your friend does not have any other income then this price of this gift only will be his income and he can claim credit of that.
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 05 January 2012
but lottery income are chargeable to flat rate of 30% ,so basic exemption limit benefit are not available.then how can we claim refund
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