Gift Tax Sadness

'Your prize money towards winning Tata Crucible Campus Quiz is enclosed. Please note that tax has been deducted at the applicable rate from your wining amount and this amount is net of tax'

I received the letter and the draft for our quiz win yesterday. Initial excitement gave way to slight disappointment as I did not expect tax rates to be this high. I think they calculated this under the Gift Tax category and accordingly deducted 30% straight out of our little prize money. I think it is just too high for a small prize like ours. We are definitly not 'Kaun Banega Crorepati' winners, where the winning contestant had to part away with 30% of the prize money as tax.

The money foregone is almost 11K rupees. So there go our plans of treats and other things. Not happening now with the reduced amount.

Honestly speaking, I should not be the one complaining after studying for five years at one of the most heavily subsidized higher education centres in India.