My friend recently won CRED Jackpot of ₹10 lakh bitcoin from Coinswitch.
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My friend recently won CRED Jackpot of ₹10 lakh bitcoin from Coinswitch. Two days ago he received voucher and got ₹10 lakh bitcoin into his wallet. Can anyone tell me whether he will have to pay any tax on it or not?
Kindly help.
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He told me to ask about the tax. Nhi bhai dosti nhi badlegi 
if he will sell it off and transfer to bank then yes.
How much?
30% tax payable on winnings
+ gobi ji bitcoin ko bank mein lene ka new tax bhi lane walein hain
cred vale sabhi ko 10 lakh de rahe ha
https://www.desidime.com/discussions/i-won-a-ja...
apne 15 lakh bhi nikalvao dosto @vijkap201 @shivrajsingh @shoaibmax
kuchh nahi mila… 
.
i hate CRED… 
No. Cred can not deduct, because they gave in Bitcoins. If they would have given in INR, they have to deduct.
Meanwhile, all of us are wondering.
Kaun hain ye log? Kahan se aate hain ye log ….. 🤣 
Was he your “friend” before the win or did he become your “friend” after the win?
He’ll have to pay tax – windfall gain.
@kukdookoo @kartikxxx 22g the OP is trying desperately to bring the discussion back to the topic after it was derailed into Mariana trench
I agree
Only way to prevent tax is to sell directly to sellers and accept payments in gift vouchers or in different bank accounts although it’s risky and will need extra work.
He can also create multiple crypto exchange accounts on family and friends details and divide the amount among them.
He does not want to save tax but he does not know how much tax will he have to pay on it. Because he did not get any information related to tax from CRED or Coinswitch.
Can you post screenshot?
I also told the same to him but his family has a lot of debt and he wants to pay his family’s debts from this money.
Yaar DD pehi sbko kaise lottery lagta hai yr…
Idar muje to 10rs ka lottery ni laga h itna salo me to….
Idar logoko 10 Lakh ka lottery lagrah h o.O
Lucky folks!!
Anyways, congrats to ur frnd!!!
BTC cmp is way to low now so keep holding it and sell it once it crosses 50L 
And don’t forget to PARTY HARD kyuki kal ho na ho
As per my opinion, it will taxable at 31.2% (30%+4%)
Pay advance tax by 15th March to avoid interest on late payment
Hawala se paisa nikal lo
Cred takes Pan number when you win big amount, further winnings from online games, lottery, gambling etc are taxable at 30% irrespective of your slab. Further even Crypto exchange ask for Pan / kyc, so better to sell – pay tax and enjoy rest 70%
In AIR all information may come or not, which is subjective but better to pay today and enjoy peaceful tomorrow.
all other method which I read above are way to invite Income tax notice be it by other source, normal tax, split income by claiming income in multiple person etc.
Yes I agree with you brother. Can you tell me how will this 30% tax be paid?
Because 30% TDS is supposed to be deducted by the prize distributor directly but my friend does not know whether the TDS has been given by Cred or not. He received exact 10 lakh rupees bitcoin. He also does not receive any information on tax from CRED.
tell him to sell fast kahi 10 lac 1 saal be 1 lac reh jaye
I need to make new friends
Unbelievable, congratulations 
, hope we will also won big one day 
Very lucky friend, Congrats!
U should connect to a Tax expert CA, can not depend solely on dimers advice as its complicated lottery+Crypto
I am pretty sure CRED is obliged to declare same to IT dept and also they must be claiming this prize money as expenses so no way to escape tax;
tera bhai CA hai aaise thodi wrong advice dunga
T: I am CA so would give advice in best interest.
It is liability of Cred / Coinswitch to pay TDS however incase they have not paid – Income tax will charrge interest ; penalty on Cred / Coinswitch but Tax liability shifts on his shoulder.
The Income Tax Act, 1961 specifies in Section 56(2)(ib) the ‘Income From Other Sources’ that are taxable. The Finance Act 2001 amended the description of games in relation to taxation – after KBC was launched in 2000 – to include television and electronic (online) game formats. Under Section 194B, winnings from the following sources are subject to TDS of 30%:
- Lotteries and lucky draws
- Races
- Card games, gambling or betting
- Crossword puzzles
- TV or electronic competitive game shows
How much he is left with now (if not sold yet)?as market crashed.
Ps ; if my estimate is right his money is down 1 lac at-least considering yesterdays rate,
Bhai ladoo ki. Party 
Yes, Gift taxes will be the liability of the recipient. that’s 30% +
Govt be like – layiye 3 lakh ruppee.
Isliye bole hai “zor zor se scheme mat batane”
savdhan rahiye, sathak rahiye
@admin , Aisa post allow maat kijiye,
Did your friend asked you to enquire or you took this initiative on your own? Dost badal na jaaye ab 🥲