Gukesh, Youngest World Chess Champion: 11 Crore Prize Money, 4-67 Crore Tax Deduction

The India-born chess grandmaster is the youngest in the country to make history by becoming the world chess champion. Congratulations started coming in from all over the globe, including business magnates Elon Musk and Sundar Pichai. Gukesh will pocket prize money of around ₹11 crore but a great chunk of it will be lost to taxes.

Taxes Deductions

As reported by the World Chess Federation (FIDE), the total prize money is ₹20.75 crores for the championship. A game of a win gives ₹1.68 crores. Gukesh has won three games. Hence, his total was ₹5.04 crores. For his opponent, Ding Liren, winning two games garnered ₹3.36 crores. And the remaining amount ₹12.35 crores goes equally to both the players.

Also read: Gukesh Wins World Chess Championship 2024: Photos

Gukesh's total earnings exceed ₹11 crore. But 30% of that is tax, which is ₹4.67 crore. So after paying taxes, Gukesh will get ₹6.33 crore.

The news went viral on social media, with many people criticizing India's tax policies. Comments ranged from "Gukesh didn't win, the finance ministry did" to "TDS – Tax Detected by Sitaraman." Others demanded reduced taxes on athletes' earnings.

Also read: Gukesh Dommaraju, Youngest World Chess Champion, Arrives in Chennai to Rousing Welcome

Recently, cricketer Rishabh Pant became the costliest player in IPL history at a price of ₹27 crore. However, taxes will greatly reduce his take-home pay. A part of Pant's IPL salary is tax-deductible, and he will have to give approximately ₹8.1 crore to the government. This leaves Pant with ₹18.9 crore. 

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