Online gambling is illegal in India. They accept you because they have nothing to lose. After winning the amount it could be confiscated.
How to pay taxes for winning amount by international online gambling..?is it legal to play online gambling.like bet365..if it is illegal why they accept Indian customers...?And what to answer for bank officials if they ask for winning amount..? Please clarify..
Online gambling is illegal in India. They accept you because they have nothing to lose. After winning the amount it could be confiscated.
Betting is not at all legal in India.
As per law you cannot bet on a sports event.
Yet there are no laws that make the offshore online betting illegal.
Pay the taxes as per the tax slab.
Thanks.
betting or gambling is illegal in india .According to the Public Gambling Act (1867), all kinds of gambling in India are illegal. but there is no law that makes online betting illegal .
2) you have to declare in your tax returns income from gambling and pay 30 per cent tax on your winning amount
- Since , online gambling like bet365 is not operated from India , hence it is not banned in India.
- Further income from gambling is taxable in India , and you have to pay 30% on your income from betting.
The income tax at the rate of 30 percent shall be applicable on the amount received. The online gambling operated outside India is not made illegal in India.
Online betting is illegal in India however, in some of the sports it is considered to be legal which require skills and are not related to chance factor. Games like gambling on horse racing, rummy have attained legal status through judgments and state laws.
The income will be taxable at the flat rate of 30% .
Matter of legal in not related to tax but you have to pay on your declared income and taxes due in the financial year.
In India only dreams app has got online sanction. You can legally play and tax will be deducted from your account.
You cant play in foreign apps or online as it's against RBI regulations
Illegal in India. You can bet in international market but remittance of prize money in India is illegal. Violation of FEMA.
Betting or gambling is illegal in most of India. But there is no law that makes online betting an illegal activity.
All these agencies, according to indiabet.com, accept online betting accounts with Indian address. It even goes on to say that bet365, one of the largest betting agencies in the United Kingdom, will ‘accept bets from customers in every state of India’.
But unlike in the US where there is the American Internet Gambling Prohibition Act, no specific laws exist in the Indian system that bar online gambling,
However, if an Indian resident decides to place bets on a website hosted outside the country, it would be difficult to hold him guilty of online gambling if the laws of the country where the website is hosted, permits online gambling.
Please refer to Section 115BB, of IT act which covers the “Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever.” This tax is worth about 30% of your gambling profit.