Gambling is illegal in India. but what if an indian national goes to Las Vegas as a tourist, wins $100,000 (1 lakh) which is approx rs 45 lakh (Rs 4,50,0000). Can this money now be transferred into his Indian account. How and where will this income be declared and what will be the taxation around it?
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Is it even illegal for an indian to gamble in a country where gambling is legal?
2007-02-25 23:58:48 · 5 answers · asked by harrycool 1 in Business & Finance ➔ Taxes ➔ India
The gambling winnigs are taxable in india fully @ 30 % flat rate + 10 % surcharge and 2 % edu Cess.Off course the money can be transferre dto india.It is not at all to gamble and gererate winnings out of it.It will be taxable in India
2007-02-26 19:42:18 · answer #1 · answered by The Consultant 1 · 0⤊ 0⤋
i would have chosen an african country like kenya for example for that (i'm kenyan by the way 4uguys that r looking 4racists 2 report) anyway india's cases for ''most corrupt country' would have 2 factor in quite a healthy assassination industry- ppl get killed by cars (both on purpose and not) quite often, i forget the stats right now, there's a lot of bribing that goes around in courts but i find it hard 2 believe that it would b more than what the kenyans xperience (you can pay to get off anything even murder, you can pay for landrites you don't own, child traffiking is far from unheard of, kenya's the capital of the drug trafficing in africa & the crime runs unchecked because the police system is really nothing 2write home about: there's no electricity in parts of kenya mobile phones r .: xtremely inreliable, there's no database that will reliably give even birth certificates let alone anyother sort of id: i'm will ing 2bet that passports are more frequently bought illegally than not just because the controls the government have set are impossible for normal people 2navigate... there isn't a part of kenya's infrastructure that's not subject 2 corruption, i wouldn't have thought that india was that bad!
2016-03-16 01:05:10 · answer #2 · answered by ? 3 · 0⤊ 0⤋
money won gambling india legally indian account
2016-02-01 01:44:11 · answer #3 · answered by Dexter 5 · 0⤊ 0⤋
Source of income is foreign exchange not gambling. Legal
2007-02-26 00:11:09 · answer #4 · answered by Expression 5 · 0⤊ 0⤋
i too face the same problem i played freelotto on net.
neither i have credit card nor the credit card is permitted to play gamling anywhere make payments.
i get mails saying that i won 300 usd from freelotto.com but so far i am not awarded.
come on let us have the prize money first then we pay the tax.
regards
gautam
2007-03-01 21:49:34 · answer #5 · answered by GAUTAM K 2 · 0⤊ 0⤋