Regarding International Lottery Winnings | Vkeel - Free Legal Advice

Surya

Coimbatore

If suppose I won a international lottery in USA(not online) with a amount of 10 million USD. And Paid my taxes for that amount in USA. Is it possible to transfer Money to India. Will I be charged double taxation. Will double taxation agreement considered in lottery case. If USA is charging 20%. And India is charging 31%. Should I pay combined taxes or that 20% will be reduced in India. If I send a million dollars to my parents now do they need to pay taxes to use that money. Or what should I do to send money to parents so that they are not in trouble. Please share your thoughts and ideas

Expert's Answers(2)

Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

You will definitely be charged when money is brought in the Territories of India on a slab specific for the purpose. However, there can be an exemption for your parents under specific circumstances. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

January 21, 2021
Advocate Anik
Bengaluru, Karnataka

65 Client Ratings

Hi, You will be taxed in India as well. You parents will not be taxed if you transfer it by way of gift deed, but it might be deducted if it shows up as part of their total income. We will need more details about your parents' financial status to see if they are eligible for any exemptions from taxation. If you found this helpful, please rate us.

January 21, 2021