Kaun Banega Crorepati: How Much Prize Money Does KBC Winner Get In Hand After Tax Deduction?

KBC is back with its season 12. Winners taking home large prizes; we also saw third person this season taking home crore cash money. But what happens when these players win? Do they get to take home all the money they won? The money is rightfully their own but is not tax-free.

The money won is still considered as an income and is therefore taxable. According to the  Section 56 (2)(ib) of the income tax act, 1961, any money earned by such games shows, gambling or any betting  is considered as Income from Other Source.

These incomes will see a tax of 30 percent. Also surcharge will be applied accordingly. The tax can also go up to 35 percent. The prize money will be transferred to the winner after tax deduction. Now for an example, think a person has won 1 crore on KBC. That person is only going to take home about 65 to 66 lakh rupees. Around 34 lakhs will be deducted as taxes.

That is true. The taxes can be pretty high. A person who wins even 10,000 rupees on KBC will get their wins after the tax deduction.