Friday, August 12, 2011

How much tax will be payable on a Rs.10000 worth prize to be sent from outside india I won in an contest onlin?

I won a prize worth Rs.10,000. Its a gadget and it is sent from abroad. How much do I need to pay under "taxes", means gift tax, income tax, VAT etc. Please tell me. Terms and Conditions mention I need to bear ALL types of taxes. Can anyone tell me percentage or exact amount?

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