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Internatinal lottery

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2018 Hello
i want to know is i hav to pay tax if i won international lottery say around 100 cr and i want to transfer that money to my indian saving account can i do and what amount of tax i have to pay is it legal after tax deduct i can use that money for investment or other way
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 January 2018 Yes you can transfer the money to your Indian savings account. You can use the money for investment.
As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of 30%
If any tax has been deducted in foreign countries you can claim relief while paying tax in India. RBI has to be informed for receipt of foreign currency.
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