This is taxable in India at 30+ % as you are resident in India. Actual inward fund flow is irrelevant because accrual has happened already.
Your stay in India from 01-04-23 to 31-03-24 is relevant for residential status, if you have won that in period from 01-04-24 to till date. So it is almost impossible to evade taxes. People will tell you to convert Euros into crypto & bring them later on, but don't try that. If caught, you will face many many issues, including prosecution.
Excuse me for the noob question.
Assuming OP won the money in FY 24-25 (I.e, after 1/4/24)
He will be paying tax in AY 25-26. In that case, the residential status of FY 24-25 will only be taken into consideration.
>Your stay in India from 01-04-23 to 31-03-24 is relevant for residential status, if you have won that in period from 01-04-24 to till date
Why are you saying this? Am I missing out anything?🤔 Something is off, but I cannot find what it is.
So the provision states that, any person who has stayed for more than 182 days in the current year
or
a person who stayed 60 days in the current period and 365 days more in the 4 preceding years
shall be treated as a resident. Hope this helps!
Because they told you , you would be deemed resident . Other than 182 days condition, if you stay in india for 60 days in current year and 365 days or more in immediately preceding 4 financial year , you are considered a resident
But indian citizens going abroad for employment are exempted from this. He can absolutely become a non resident this year. Question is if this lottery winning will still be considered income of indian origin or not.
Yes , you're right but then there are other problems. He will have to land a job in tax haven country and leave india before 15 days are completed , he also has to open a bank account in such country (income received in india is taxable irrespective of residential status ) . Even if he manages to pull this off he is very much probable to be noticed by authorities because that amount he won comes up to some 2cr+ , and if the authorities find any way to prove this that this is illegal, they will charge a 100% penalty . So its better to enjoy 60% (assuming he will be taxed somewhere around 40%) of the winnings then lose all 100% ( also read that if it is proven that you were trying to evade taxes you might be penalized upto 300% of the income)
How would Indian authorities notice or know about an account he opens abroad? They have no way of knowing. Theoretically, he could permanently keep it abroad and the Indian government would never know even though it would be illegal under Indian law.
Like this is why lottery winners lead miserable lives I think. You won 300 thousand euros you clearly did no work for and yet you’re just trying to make more because what you deserve it? Lol. Good luck and hope you find some peace.
Indian mentality is like crabs in a bucket. You will do the same thing if you are in OP's place. If you don't have advice OP is asking for, just stfu and move on.
Just top of my head, (have not checked thoroughly tho)
1. convert it to crypto and withdraw the crypto in country like UAE or Portugal
2. Invest 100k in countries Portugal or Angola, become a citizen and enjoy the money
Don't do this. Read up about the black money act and schedule FA before taking any step.. most CAs are also unaware about this and hence you can be in huge trouble due to their lack of knowledge.. whichever CA u talk to for advise, don't forget to specifically ask them about Schedule FA and black money act, and even then still do your own due diligence as well instead of taking their advise blindly.
AFAIK, as long as you end up filing your tax return in India, you will have to mandatorily declare this winning under Schedule FA as this is a foreign source of income. And if you open an offshore bank account, you will have to declare that as well. If you don't, you'll be in big trouble later. There's also no statute of limitations on the black money act. So they can pick your case decades later as well..
The only way to avoid paying tax in India is if you somehow legally manage to be a tax resident of a different country for thie relevant fiscal. that's your best bet (no pun intended).
You can move to UAE(Dubai), there is 0 tax there. You still have time to become a non resident indian, don't listen to folks with half knowledge on reddit.
The main thing for you to figure out is if this income will be considered "income of indian origin" since you bought the lottery ticket while here or not.
Talk to CA, not random dudes on reddit. Most comments here are bullshit with overconfident wrong facts.
I don't want people to know, my relatives will start begging. Going public will put target on my back. I Believe someone else have won some something simillaer or more
I dont think you can even claim the money. You have to be a resident of Europe to even play. If you bought it while on a holiday, the winning is nulled. By resident i mean a proper work or resident permit
Just pay the tax and enjoy the rest stress free. Moving to another country to dodge taxes isn't cheap or easy.
Why do the Austrians want you to go there in person... amount kuch bhi ho, bank transfer toh possible hona chahiye. Sounds like a scam...
Idk anything about it but can't you just go there, make a foreign bank acc and get them there and then just spend them on stocks or something ?
(i seriously don't know shit about taxation but it just popped into my mind).
Like it's not a small amount and nobody would like to get taxed a 30 cufing % where the the govt did nothing to help earn that amount right ?
Even if I create a bank ac there and recieve the money, If i come back i will have to pay Indian taxes. I am going to create a company who will receieve it on my behalf.
Creating a company can f\*\*\* you up royally if any misstep occur though.
Also, it's not like you won't pay any taxes with company or with any other way. Just invest them outside ig with an account opened there and come home with something like 100k to just ward of a 30k tax.
Or maybe just invest that whole amount in some market scheme that will give you a dividend of 3-8% yearly. Even with an above average returns of 5% a year you can have 13lac rupees per year(before taxes) that's as good as it gets if all the other things doesn't cost you much money.
Edit: you will have to pay something like 10% or 15% tax on company too ig.
Uhh you will have to pour in some cash, a whole lot of time and head ache for that too lol.
If you don't know anybody in that part of the world then it's just better to put that cash somewhere safe as soon as possible and gtfo from there.
You can't know what might happen right ?
First of all congratulations man, can you tell me how did you win this, I need to pay off my debt
Coming to your question, becoming a tax resident solely for saving tax can be pretty complicated usually there are too many factors to consider and you might end up loosing more money in setting everything up rather than just paying the tax here in India
It's imperative that you conduct a thorough research in this and especially take help of some experts, maybe there is a way for you to save the tax on the winnings but double check everything before going ahead with anyone suggestion.
I played for the first time and won, it cost me 13.50$, the numbers were autogenerated. I am just lucky.
Don't play to pay off your debt. there 1in 300,000,000 chance that you win something significant.
Not to throw a damp towel on your luck but I'm not even sure if you can collect it. In the uk for example, you have to be a resident for the year to be eligible to play the lottery including euromillions. What that means is that you have to stay in the uk for 180 days min in the year and qualify to pay tax there for that financial year. Also, you have to be present in the uk and buy a ticket there. Meaning you cannot buy it online outside the uk and claim it there. Another example, I was not allowed to but a lottery ticket in Sweden when I went for short term work related stuff there cause I had no local id/pr. If Austria has something similar, well.....I won't say any more. So I would first check the eligibility rules. If by some miracle you are able to claim, then forget the tax shit just get it into your account asap and be happy. If not, gimme the ticket and I'll try claiming and we split 50-50 lol.
Edit: typos and spelling mistakes
Bhai mere. 50-50 was a joke. If they say you can definitely go and claim, just go and do it. The rules to play euro millions are strict. Triple check the eligibility to play in Austria/EU in the euromillions website, sign the back of the ticket with your signature making it yours, click pictures, proof and shit, if you paid by card, highlight that transaction and save it. And. Just. Go. It's a life changing amount even with 30% tax. Sala oopar wala chappal phadke diya aur tu itna nautanki kar raha hai.
Par agar bohot patience hai toh when the amount is big there should be someone from the euromillions team to advise you. Or go to a bank like hsbc and ask them about options. Whatever shit you do, please for fucks sake do not go and ask anyone you know for advice. Go to some tax guy you never met in a different city and ask without sharing your personal details. Stuff like this, you better make sure word does not leak that you hit it big, for your own safety.
Also, don't fucking open any unknown links in any messages or shit here. There are people extremely good at doxing here and you won't even know how your details were found out.
And rules say that you can collect such large amount only in the country where you bought the ticket. So trying to become tax resident of other countries, etc, won't work.
Edit: damn typos and spelling mistakes again
Nobody but internet knows that I have won. I have talked to the Austrian branch on telephone to confirm. They have called me to austria to collect the money as it is large amount.
Lmao stop lying. You didn’t win Euromillions because
a. 2 lines is €5.00 not $13.50 like you claim
b. You can’t collect your winnings unless you’re an Austrian resident
OP I understand your concern, buy a citizenship by investment program or attain a work permit to stay atleast 6 months out of India, to attain non-resident status. there by you can not pay any tax in India. both the processes are long & time consuming i dont think you'd want to chose either.
Instead you can rather simly reach out to any Forex like western union, Lulu Exchange & ask them to provide you best rate to transfer the amount. if you can manage to convince them to show it as your earnings & purpose of your transfer as your savings/Family expenses. you wont be taxed again in india.
yea itz 40degree hea in our city
if u hv alredy visited foreign countries then u can giv it a try
im myself homely person so i hate travelling
im currently playin poker games online, itz skill game
ive played a lot of lottery before
This is taxable in India at 30+ % as you are resident in India. Actual inward fund flow is irrelevant because accrual has happened already. Your stay in India from 01-04-23 to 31-03-24 is relevant for residential status, if you have won that in period from 01-04-24 to till date. So it is almost impossible to evade taxes. People will tell you to convert Euros into crypto & bring them later on, but don't try that. If caught, you will face many many issues, including prosecution.
Newbie here. But what if you never bring that money into India will you still face legal issues .
Yes. You have to declare any foreign currency/bank accounts/assets you own and how you purchased/got them.
I have no desire to go to jail
Excuse me for the noob question. Assuming OP won the money in FY 24-25 (I.e, after 1/4/24) He will be paying tax in AY 25-26. In that case, the residential status of FY 24-25 will only be taken into consideration. >Your stay in India from 01-04-23 to 31-03-24 is relevant for residential status, if you have won that in period from 01-04-24 to till date Why are you saying this? Am I missing out anything?🤔 Something is off, but I cannot find what it is.
This is due to how "resident" is defined in IT act.
Can you elaborate please
So the provision states that, any person who has stayed for more than 182 days in the current year or a person who stayed 60 days in the current period and 365 days more in the 4 preceding years shall be treated as a resident. Hope this helps!
Can I eat your brain cells in DM?
Lmao 🤣
I would strongly suggest consulting CAs and foreign accountant as well.
Ok I will
You can not it would take 7 years at minimum
I don't want to permanently immigrate to any country, I want tax residency of a country that don't tax gambling wins.
>I want tax residency of a country that don't tax gambling wins. Still you would be deemed resident and have to pay tax in India
Not if I live in another country for the remainder of the year.
That's true
Downvote kyu kar rahe ho
Because they told you , you would be deemed resident . Other than 182 days condition, if you stay in india for 60 days in current year and 365 days or more in immediately preceding 4 financial year , you are considered a resident
But indian citizens going abroad for employment are exempted from this. He can absolutely become a non resident this year. Question is if this lottery winning will still be considered income of indian origin or not.
Yes , you're right but then there are other problems. He will have to land a job in tax haven country and leave india before 15 days are completed , he also has to open a bank account in such country (income received in india is taxable irrespective of residential status ) . Even if he manages to pull this off he is very much probable to be noticed by authorities because that amount he won comes up to some 2cr+ , and if the authorities find any way to prove this that this is illegal, they will charge a 100% penalty . So its better to enjoy 60% (assuming he will be taxed somewhere around 40%) of the winnings then lose all 100% ( also read that if it is proven that you were trying to evade taxes you might be penalized upto 300% of the income)
How would Indian authorities notice or know about an account he opens abroad? They have no way of knowing. Theoretically, he could permanently keep it abroad and the Indian government would never know even though it would be illegal under Indian law.
Upvote karke 0 pe laa Diya 🤝
👍🏻
You won't get a logical answer here but you've caused a lot of Indians to google "Euromillions"
Congratulations! 🥳 I feel you can look at Dubai for this. How did you win though? Gambling online/Lottery Pure Luck? Not a Lawyer/CA.
Sheer luck.
Where to apply
[https://www.euro-millions.com/](https://www.euro-millions.com/)
It's free money, take a chill.pill, pay the tax enjoy the euros , congrats
I hear you but I want to not pay taxes in Legal way.
The money is too less to practice any of the "tax saving scheme", so yeah nothing upto my knowledge i would say ,
Damm, do you know the tax slab for winnings in India.
30% ig
Nope you be will surcharged aggregating around 41%
Damm
Now do you feel like you're better off not winning?😂
Fuck no I will still win a huge amount
How much does 3lakh euros translate in INR?
Like this is why lottery winners lead miserable lives I think. You won 300 thousand euros you clearly did no work for and yet you’re just trying to make more because what you deserve it? Lol. Good luck and hope you find some peace.
Indian mentality is like crabs in a bucket. You will do the same thing if you are in OP's place. If you don't have advice OP is asking for, just stfu and move on.
99% of gamblers quit before they hit big. He's the big OG who sigma grinded.
This is my first time playing it, I am not a regular player.
Arre bhai tumko kyu dikkat h - uski kismat chamki h - usko nahi dena govt ko paisa - woh upay dhund raha - gyaan kyu pel rahe ho.
I earned that $13.50 that I used to buy it. Nobody deserves anything in this life, if you want something take it. I am peaceful as fuck.
Leave India for the purpose of employment and spend less than 60 days in India in the FY 24-25. You will be a NR.
Look up deemed resident. If you don’t pay taxes in any other country you will still owe taxes in india if you’re an indian citizen.
Only if Indian income exceeds 15 lakhs tho
Not if you’re an NRI though.
Just one thing, don't pay any processing fee to them so that they can transfer the winnings to your account 😋
Aok thanks
Hope it is not an email scam !
Nahi phone pe baat hui hai.
E1 I've gotten this. Please be careful.
Just top of my head, (have not checked thoroughly tho) 1. convert it to crypto and withdraw the crypto in country like UAE or Portugal 2. Invest 100k in countries Portugal or Angola, become a citizen and enjoy the money
Damn, it's really a crazy idea.
They will wire the money to my choice of bank A/c, I will look into it.
Beware of scamsters
Some people have tried to do so in the Dms, I ain't gonna fall for them.
Beware!! This post can be a marketing stunt from Euro Millions or whatever to get money of Indians for luring us of this lottery.
This is clearly an Advert. Moderators ban this Shit.
Ha be mai dalal hu unka bkl
Tere response se to na lg rha tu dalali nhi kar payega
Offshore bank account maybe? Ask a random CA, not your known one and ye lottery successfully tax free karlo tab batana 😂😂
OK
Don't do this. Read up about the black money act and schedule FA before taking any step.. most CAs are also unaware about this and hence you can be in huge trouble due to their lack of knowledge.. whichever CA u talk to for advise, don't forget to specifically ask them about Schedule FA and black money act, and even then still do your own due diligence as well instead of taking their advise blindly. AFAIK, as long as you end up filing your tax return in India, you will have to mandatorily declare this winning under Schedule FA as this is a foreign source of income. And if you open an offshore bank account, you will have to declare that as well. If you don't, you'll be in big trouble later. There's also no statute of limitations on the black money act. So they can pick your case decades later as well.. The only way to avoid paying tax in India is if you somehow legally manage to be a tax resident of a different country for thie relevant fiscal. that's your best bet (no pun intended).
You can move to UAE(Dubai), there is 0 tax there. You still have time to become a non resident indian, don't listen to folks with half knowledge on reddit. The main thing for you to figure out is if this income will be considered "income of indian origin" since you bought the lottery ticket while here or not. Talk to CA, not random dudes on reddit. Most comments here are bullshit with overconfident wrong facts.
Aok
Abhi padhai karne jane wala tha, pura mood kharab kardia
Sorry man
Idk if you can open an account in a tax haven and put your money there like an overseas account, but the amount is too less just ask a CA
Wouldn’t this be income accrued in a foreign country? I don’t think it will/can be taxed in India.
Depending upon his residential status, it absolutely can and will be taxed.
Okay. How?
You can move to Dubai and get the tax residency if you live there for more than 183 days.
How much does that cost.
1.5-2 lakhs
how much was the entry ticket did u buy every week was it weekly draw i was a former playwin player now itz banned missed the lottery
13.50 $ got me 2 auto genrated numbers. This is the first time I have ever played.
God surely has his favorites
wow that great man congrats u r the 1st indian to win the biggest amount in euromilions u can post the story in news websites, thy will publish it
I don't want people to know, my relatives will start begging. Going public will put target on my back. I Believe someone else have won some something simillaer or more
I dont think you can even claim the money. You have to be a resident of Europe to even play. If you bought it while on a holiday, the winning is nulled. By resident i mean a proper work or resident permit
They have called me to collect the amount.
My bad. You're right, resident status doesn't matter for EuroMillions. Congrats man. That's a huge win regardless of the tax implications.
Just pay the tax and enjoy the rest stress free. Moving to another country to dodge taxes isn't cheap or easy. Why do the Austrians want you to go there in person... amount kuch bhi ho, bank transfer toh possible hona chahiye. Sounds like a scam...
1000$ tak ghar bhaithe mil jata hai, usse upar in person recieve karna hoga, you do get to stay anonymus
In france there is no taxes on euromillion.
If you are looking for friends, I am available. :-D
Idk anything about it but can't you just go there, make a foreign bank acc and get them there and then just spend them on stocks or something ? (i seriously don't know shit about taxation but it just popped into my mind). Like it's not a small amount and nobody would like to get taxed a 30 cufing % where the the govt did nothing to help earn that amount right ?
Even if I create a bank ac there and recieve the money, If i come back i will have to pay Indian taxes. I am going to create a company who will receieve it on my behalf.
Creating a company can f\*\*\* you up royally if any misstep occur though. Also, it's not like you won't pay any taxes with company or with any other way. Just invest them outside ig with an account opened there and come home with something like 100k to just ward of a 30k tax. Or maybe just invest that whole amount in some market scheme that will give you a dividend of 3-8% yearly. Even with an above average returns of 5% a year you can have 13lac rupees per year(before taxes) that's as good as it gets if all the other things doesn't cost you much money. Edit: you will have to pay something like 10% or 15% tax on company too ig.
Not if it is British overseas territory, or some random carrabian island
Uhh you will have to pour in some cash, a whole lot of time and head ache for that too lol. If you don't know anybody in that part of the world then it's just better to put that cash somewhere safe as soon as possible and gtfo from there. You can't know what might happen right ?
First of all congratulations man, can you tell me how did you win this, I need to pay off my debt Coming to your question, becoming a tax resident solely for saving tax can be pretty complicated usually there are too many factors to consider and you might end up loosing more money in setting everything up rather than just paying the tax here in India It's imperative that you conduct a thorough research in this and especially take help of some experts, maybe there is a way for you to save the tax on the winnings but double check everything before going ahead with anyone suggestion.
I played for the first time and won, it cost me 13.50$, the numbers were autogenerated. I am just lucky. Don't play to pay off your debt. there 1in 300,000,000 chance that you win something significant.
Damn that's nice.
Consult a chartered accountant who specialises in DTAAs. India has one with Austria and I do not know what is the provision for lottery winnings.
Currently new Zealand is the only country not having any taxes on lottery winnings
Many countries and states don't tax winning in their region, not just new zealand.
Dubai. I think buying a house there will give you residency there. Get a residency visa. Becoming an NRI solves all your problems.
How many tickets you purchased till date to win the lottery
Only 2
[удалено]
Ok
I'm starting to think you are a target in a scam
Yes
Dm will get you a consultation with a tax lawyer. Yes there are ways.
Not to throw a damp towel on your luck but I'm not even sure if you can collect it. In the uk for example, you have to be a resident for the year to be eligible to play the lottery including euromillions. What that means is that you have to stay in the uk for 180 days min in the year and qualify to pay tax there for that financial year. Also, you have to be present in the uk and buy a ticket there. Meaning you cannot buy it online outside the uk and claim it there. Another example, I was not allowed to but a lottery ticket in Sweden when I went for short term work related stuff there cause I had no local id/pr. If Austria has something similar, well.....I won't say any more. So I would first check the eligibility rules. If by some miracle you are able to claim, then forget the tax shit just get it into your account asap and be happy. If not, gimme the ticket and I'll try claiming and we split 50-50 lol. Edit: typos and spelling mistakes
I have talked to the Austrian Authorities, I have to go in person as the amount is huge. 50-50 alag nautanki hai.
Bhai mere. 50-50 was a joke. If they say you can definitely go and claim, just go and do it. The rules to play euro millions are strict. Triple check the eligibility to play in Austria/EU in the euromillions website, sign the back of the ticket with your signature making it yours, click pictures, proof and shit, if you paid by card, highlight that transaction and save it. And. Just. Go. It's a life changing amount even with 30% tax. Sala oopar wala chappal phadke diya aur tu itna nautanki kar raha hai. Par agar bohot patience hai toh when the amount is big there should be someone from the euromillions team to advise you. Or go to a bank like hsbc and ask them about options. Whatever shit you do, please for fucks sake do not go and ask anyone you know for advice. Go to some tax guy you never met in a different city and ask without sharing your personal details. Stuff like this, you better make sure word does not leak that you hit it big, for your own safety. Also, don't fucking open any unknown links in any messages or shit here. There are people extremely good at doxing here and you won't even know how your details were found out. And rules say that you can collect such large amount only in the country where you bought the ticket. So trying to become tax resident of other countries, etc, won't work. Edit: damn typos and spelling mistakes again
Nobody but internet knows that I have won. I have talked to the Austrian branch on telephone to confirm. They have called me to austria to collect the money as it is large amount.
Lmao stop lying. You didn’t win Euromillions because a. 2 lines is €5.00 not $13.50 like you claim b. You can’t collect your winnings unless you’re an Austrian resident
2 line mane 2 ticket for 13.50
I know little bit here is my take UAE Hop multiple countries and don't be a tax resident of anywhere
And congrats
Dhanywad.
OP I understand your concern, buy a citizenship by investment program or attain a work permit to stay atleast 6 months out of India, to attain non-resident status. there by you can not pay any tax in India. both the processes are long & time consuming i dont think you'd want to chose either. Instead you can rather simly reach out to any Forex like western union, Lulu Exchange & ask them to provide you best rate to transfer the amount. if you can manage to convince them to show it as your earnings & purpose of your transfer as your savings/Family expenses. you wont be taxed again in india.
I think I will become delivery boy in Dubai for remainder of the year.
itz very hot 50degree in dubai juzz pay the 30% tax and enjoy life happily peacefully y take the tension in foreign country alone
It’s hot unless you’re indoors during the day. Anyways, it’s nothing worse than a lot of states in India.
yea itz 40degree hea in our city if u hv alredy visited foreign countries then u can giv it a try im myself homely person so i hate travelling im currently playin poker games online, itz skill game ive played a lot of lottery before
Too much taxes, I think i have to pay $120000 in India
Leave India and never come back! Congratulations and fuck you! /s
Bhagwan tumahara bhala kare
Congrats..but wait...dont tell me you got an email saying you won !
If you won it but did not RECEIVE IT, then you are not liable for tax in that financial year. When you receive it, just pay 30% and live in peace.
Great job just pay your damn taxes dude
Nope I don't intend to as long as I do it legally
Aaj subah subah chadha li?😂
I don't do drugs nor drink.
😅Even then you're a deemed resident, and you'll be taxed! Cute.
How did you win Australian lottery in India?