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
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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