Taxability of awards for sportsmen—Clarification regarding.

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..... (see [1986] 157 ITR (St.) 52) clarifying that awards received by a sportsman, who is not a professional, will not be liable to tax in his hands as the award will be in the nature of a gift and/or personal testimonial. 2. The said circular was applicable in a tax regime when gift was not taxable in the hands of the recipient and with the fundamental change in the manner of treatment of gift by .....

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..... Tax exemption can be sought by eligible persons in respect of awards or rewards covered by such approvals. (Sd.) . . . . . . .. Deepshikha Sharma, Deputy Secretary to the Government of India. [F. No. 199/01/2014-ITA-I] - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com .....

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