LatestIncome Tax 4 July 2026
Lucky Draw Tax Refund
The car won in a lucky draw is taxable under Section 115BB of the Income Tax Act, 1961, at 30 percent, and the winner is required to pay tax on the prize, but it is possible to claim a refund on the tax deducted at source, the process for claiming the refund involves filing income tax returns and providing the necessary documentation to support the claim, the tax laws and regulations regarding lucky draw prizes are complex and subject to change, so it is essential to consult with a tax expert or financial advisor to ensure compliance with the applicable laws and regulations
The car won in a lucky draw is considered taxable income under Section 115BB of the Income Tax Act, 1961. The tax rate on such prizes is 30 percent. -
To claim a refund on the tax deducted at source, the winner must file their income tax returns and provide the necessary documentation to support their claim.
* The winner must have a valid PAN card and income tax returns filed for the relevant financial year,
* The winner must provide proof of the lucky draw prize, such as a certificate or voucher,
* The winner must also provide proof of the tax deducted at source, such as a TDS certificate
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