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winning from t.v show

abhishek (STUDENT) (162 Points)

16 July 2009

can any1 express some views abt the taxation or tds on the flat / appartments/ goods like furniture etc will be taxed???

as this is income under other sources,, how tds will be deducted or how will we hav to pay tax?

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5 Replies

Kailash Sharma (CA- Final Student) (148 Points)
Replied 16 July 2009

Well in ur case Beneficiary have to bear TAX consequences.

Because TDS will be deducted only when there is transaction of Payment. so in this case Fair Market Value will considered & Beneficiary have to Pay TAX on it.

TDS wont be deductible on Winning goods or things other than Cash from TV Shows.

But Straight away flat rate of 30% plus EDU CESS will be applicable n Beneficiary will pay Tax on it.

Well u asked very Good Question.

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CA Lovenish Bansal (JOB) (343 Points)
Replied 16 July 2009

In my opinion, It should be charged under business & profession. Because he getting for his consultancy

Thanks,

Lovenish Bansal

(Guest)

Hi Abhishek,

The winnings from TV show shall be taxede under IFOS u/s 115BB @ 30% +SC & CESS as applicable. The person will deduct TDS on the total value of the gift. If gift consists of Kind and cash then the cash portion will fisrt be used for TDS if still there is any short fall it can get it from the winner in cash or sell the kind setoff the shortfall and pay the remaning amount to the winner.