cpc

is there tax for foreign money transfer from us casinos


Hi

I AM FROM TVM [KERALA]. I PLAYED IN A US CASINO AND I GOT SOME MONEY 1500$. WILL THERE BE TAXATION FOR THAT MONEY. IF YES WHAT IS ITS RATE.
 

 
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Consultant & Legal Analyst

If tax deduction has been made at source before remittance to you, the same will not be taxed in India provided you produce proof of deduction at source. However, if you have received the full amount of winning, you will have to pay tax in India for the said amount shouwing income from lottery winning.


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Finance & tax Consultant

Yes, this income is taxable if  you fall in the catagory of ordinary resident of india.This income is taxable under the head INCOME FROM OTHER SOURCES.


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yes. if you provide the details of deduction at source, no need to pay tax in India, otherwise you have to pay he tax in india and the same income show under the head of Income From Other Sources



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Thank you so much for your clarification sir. So as I understand even if I play in the casino outside India I must pay an income tax unless they do it themselves. But this is about regular casio, right? And if I buy a lottery ticket on this website and pay with, let's say, Bitcoin? Or even not Bitcoin, but Dogecoin for example. Will the same legal and taxation rules apply?

 
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If you want to be more careful in the future then I would suggest not using fiat money with your online casino play. Instead, you should consider playing on a Bitcoin Casino where your money will be more secure, you will get better odds and faster service. Stay safe out there.

 
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