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Legality of International lotteries in India
08-Apr-2023 (In Tax Law)
Hi I know lotteries are ban in lot of states in India and is offense. What about international lotteries? I live in Delhi and if I play international lottery online and win some money, will that be an offense? Can I bring that money to india in my account? And if i bring that money to india account how much tax will i have to pay? Akhil
you can carry/ bring, the money without being illegal as it is won in a lottery in other Country and the money will be taxed as your income from other sources/ other country. Atleast 40% tax is payable for that money
Helpful?
49+
49+
Adv. Roshan Kumar Singh
Delhi | 100+ Answers
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Hi,
In your case, If it is for current financial year then you have to pay
Total tax payable = The amount you earned and recieve in your account x 35.535% = Rs. __________
Tax 30% + Surchage 15% of tax(including Cess and EC)+ Cess 2% of tax + EC 1% tax
i.e. 30+4.5+0.69+0.345 = 35.535%
The income tax surcharge is levied on the taxpayers who earns more than Rs one crore in a year. For individuals, this surcharge was 12%. But budget 2016 has increased the burden of surcharge for them. Now the surcharge on income tax has become 15%. The surcharge for all other categories of the taxpayers would remain same.
No deduction is allowed. Also no benefit of slab rate can be taken.
In your case, If it is for current financial year then you have to pay
Total tax payable = The amount you earned and recieve in your account x 35.535% = Rs. __________
Tax 30% + Surchage 15% of tax(including Cess and EC)+ Cess 2% of tax + EC 1% tax
i.e. 30+4.5+0.69+0.345 = 35.535%
The income tax surcharge is levied on the taxpayers who earns more than Rs one crore in a year. For individuals, this surcharge was 12%. But budget 2016 has increased the burden of surcharge for them. Now the surcharge on income tax has become 15%. The surcharge for all other categories of the taxpayers would remain same.
No deduction is allowed. Also no benefit of slab rate can be taken.
Helpful?
32+
32+
Adv. Deepak Gandhi
Delhi | 100+ Answers
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