Will D Gukesh's Rs 11.45 Crore Chess Prize Escape Taxation u/s 10(17A)?



Quick Summary
D. Gukesh has won a substantial ₹11.45 crore prize for his chess victory. In India, prize money is usually taxed as 'Income from Other Sources', potentially leading to a tax bill of around ₹4.8 crore. While Section 10(17A) offers exemptions for government-instituted or approved awards, Gukesh's prize doesn't seem to fit these criteria. Past international sporting achievements have sometimes received tax exemptions through special government notifications, and an appeal has been made for Gukesh's prize, but official intervention is required for any relief.

D. Gukesh's recent victory at the World Chess Championship has earned him a prize of approximately ₹11.45 crore. Under Indian tax laws, such prize money is typically classified as "Income from Other Sources" and is subject to taxation. Given the amount, his tax liability could be substantial, potentially around ₹4.8 crore. D. Gukeshs ₹11.45 crore chess prize falls under the scrutiny of Indian tax laws, particularly concerning Section 10(17A) of the Income Tax Act. Here's a deeper breakdown of t
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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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Hi Everyone, Hope you all are doing good! I am a CA Final Student and currently undergoing my CA Articleship.

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