Suppose if an Indian won Overseas lottery Jackpot over millions of dollars/Euros and if the prize money has been remitted to India.Will it be considered as a FEMA violation ? Will the prize money be fined ? Or just Income tax should be paid ?
Suppose if an Indian won Overseas lottery Jackpot over millions of dollars/Euros and if the prize money has been remitted to India.Will it be considered as a FEMA violation ? Will the prize money be fined ? Or just Income tax should be paid ?
Hi Karthik,
As far as the FEMA violation I dont think there is any violation as only lottery remittance OUT OF INDIA is prohibited under FEMA and not inward flow of money.
As regards taxability, since global income of resident of India is taxable in India it has to suffer taxation. Also refer to the DTAA of the source country for clarity.
Regards,
CA Hariprasad Nayak
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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