Overseas lottery gain

1.my freind an indian won  a car worth about INR 80 lakhs in dubai duty free lottery.what are the tax implications in india including IT ,customs etc.
2.further what is IT in india on cash win in dubai millianaire lottery.
srinivas
Asked 1 month ago in Income Tax from Hyderabad, Telangana
Hi,

As far as Income tax is concerned, your friend has to pay 30% tax on the value of the car subject to India UAE DTAA. The tax implications in case of winnings in cash are also same.

Sorry, I am not aware about the custom part.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
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For Income tax purposes, an effective rate of 30.9% would be applicable in both the cases i.e. value of the car or cash prize.
Lakshita Bhandari
CA, Mumbai
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Hi,

Winnings from lottery are taxable at a flat rate of 30%. This rate is applicable for the winnings in cash as well as in kind (i.e. car).

Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Keerthiga Padmanabhan
CA, Greater Mumbai
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Hello,

He will be required to pay 30.9% tax on the value of the Car.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
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