D Gukesh to Pay Income Tax on Rs. 11 Cr Prize Money: Twitter Reacts

D Gukesh, who became the youngest World Chess Champion, became famous worldwide after winning the 2024 World Chess Championship in Singapore. But the victory comes with a great deal of tax burden as the 18-year-old chess sensation is to pay around Rs 4.67 crore in taxes-an amount which is more than that which the cricketing icon and the five-time IPL-winning captain, MS Dhoni will earn for playing the sport as the current IPL salary for the legendary cricketer has been capped by CSK at Rs 4 crore ahead of IPL 2025.

The young chess star, D Gukesh, won against China’s champion Ding Liren with a score of 7.5-6.5. By doing this, he became the youngest World Chess Champion, breaking the record held by Russia’s Garry Kasparov. His victory has made him famous around the world.

Winning the World Chess Championship was very lucrative but has a cost in terms of tax. Every game in the championship carried a prize of $200,000 (around Rs 1.69 crore). The chess champion won three games, earning $600,000 (around Rs 5.07 crore), while Ding Liren, who won two games, received $400,000 (around Rs 3.38 crore).

The total prize money of $1.5 million (about Rs 12.7 crore) was shared equally between the two players. As a result, D Gukesh will receive around Rs 11.34 crore, while Ding Liren will get about Rs 9.75 crore.

Individuals who earn above Rs 5 crore are charged an effective tax rate of more than 42 percent under India’s tax system. That comprises 30 percent base tax, a 37 percent surcharge, and a 4 percent health and education levy. Using such tax rules, the champion’s tax liability comes to approximately Rs 4.67 crore.

One of the Twitter Account Writes: “42% of 11 crore winning amount of Gukesh will go in taxes. Finance Ministry is the real Grand Master!”

On this Rishi Bagree writes “Another fake news, The entire money is exempted”

On returning to India, the chess champion was welcomed as a hero at Chennai airport. The large crowd of fans waiting there to welcome him celebrated the historic victory. Officials from the state government, under the leadership of Additional Chief Secretary Dr Atulya Misra, were also present to felicitate the young champion. Thanking the people, the champion shared joy over his victory and said that he felt over-whelmed by the support.

MK Stalin, the Chief Minister of Tamil Nadu, has announced a cash reward of Rs 5 crore to celebrate D Gukesh’s amazing achievement. This victory is a big moment for Indian chess and shows that a new generation of talented chess players from India is making its mark on the world.