Hello,
I believe lottery winnings cannot be transferred abroad under the Liberalised Remittance Scheme (LRS) of the government of India.
Is there any law/rule based on which lottery winnings can be transferred abroad in the following cases?
1. Ram won INR 1 crore in a lottery in India and wants to transfer the money (after tax) abroad to purchase a property.
2. Ram won $1 million in a US lottery (lottery purchased online through Lotto/lotteryworld, etc.) and received the amount (after US tax) directly in his Indian bank account. Ram wants to transfer the money abroad to purchase a property.
3. Ram puts the lottery winnings (from India or abroad) in a fixed deposit in India and wants to transfer the interest amount abroad under the LRS.
Thanks for your valuable time.
Best regards
CAclubindia
