04 October 2022
FEMA laws on lottery winning outside India and transactions As Indian resident
**if I purchase a online lottery ticket in India(means stay in India) not actually visited Dubai(UAE) for lottery ticket Is it OK or prohibited for such purchase online transaction activities -Remiteence from the lottery jackpot winning money -Remiteence for purchasing the online lottery ticket in India As a Indian resident, is it prohibited to take winning jackpot amount which takes place outside india(dubai lottery organization ) As I now income tax as no problem I will pay 30 percentage tax but what about FEMA laws and enforcement department on winning jackpot amount and is there there any future trouble from ED AND FEMA LAWS
04 October 2022
In terms of Section 5 of the FEMA, persons resident in India1 are free to buy or sell foreign exchange for any current account transaction except for those transactions for which drawal of foreign exchange has been prohibited by Central Government, such as remittance out of lottery winnings; remittance of income from racing/riding, etc. or any other hobby; remittance for purchase of lottery tickets, banned / proscribed magazines, football pools, sweepstakes, etc.;
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