Hello Sir/Madam, I have used online sport betting sites such as Dafabet (company registered and regulated by Phillipines govt) and used online wallets such as Skrill and Neteller (owned by PaySafe group, registered in England) for depositing money to the betting site.What will happen if I withdraw 30 Lakh INR from Skrill or Neteller to my Bank account at once? Will there be any police case or legal action?
Betting is illegal if done in India.
Many Indian go outside and do betting and that's not illegal so I doubt if there would be an issue.
However I am a CA and not an expert on law so it would be better if you ask a lawyer regarding same.
If you need any tax assistance feel free to contact me.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
No there will not be any police case but you need to offer this income for tax in india.
Since betting was done outside india same will not be subject to legal juridction in india
1. Betting is illegal in India. For withdrawal of Rs.30 lacs, might be you will get notice from Enforcement directorate under FEMA Act. Pay Income tax on such income.
Dear Sir,
Hope you are doing well !!
No, there will be no police case/legal case for the same as betting was done outside India.
You need to offer the same while filing ITR.
We may assist you in entire procedure.
Hello,
You will have to declare such income and pay due tax on it.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hi,
For expert advice on police case/ legal action, please reach out to a lawyer.
However, from a taxation perspective, you will have to pay tax @30% plus cess if you earn income from betting.
