- This topic has 7 replies, 1,725 voices, and was last updated 8 years, 12 months ago by Rajat Agarwal.
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October 29, 2013 at 5:25 pm #27225Bluff YouuMember
Hi I am new to poker world and to this forum. I started playing poker very recently and have some winnings (1k USD) and now I want to withdraw it. I dont have any ewallet account and I read in some article that any remittance from foreign for the purpose of gambling is a FEMA violation so I have no choice but to do player to player transfer as read in some fb group. So I wanted to know how does player to player transfer work? Since there is 30% tax on gambling and so if I get money from another guy through bank transfer will I have to declare that money?
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October 29, 2013 at 6:01 pm #36757Poker GuruParticipant
@bluffyouu: Welcome to the PokerGuru Forum!
All transfers to the bank are eligible to be declared to the IT. Many players sell $$ to other players for cash to avoid paying tax.
I hope this answers your query.
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February 4, 2014 at 3:57 pm #36927Azhar K.Member
Sorry for creating another account.. I am unable to login from my previous account as I had forgotten my password but password recovery didnt work even after sending mails to info@pokerguru.com
Regarding the topic can you please explain how does player to player transfer avoid paying tax? Also you dint mention about FEMA which says that any remittance for the purpose of gambling is a violation and so illegal but still people are playing online poker.
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March 23, 2015 at 4:34 pm #37966Azhar K.Member
Rajat, I have decided to pay taxes on my winnings but the money was withdrawn via neteller neft to my icici bank account. Now while filing my return, my CA was asking me to provide a document for this transfer, can I show him my neteller audit statement because the money came from neteller?
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March 23, 2015 at 4:36 pm #37967Azhar K.Member
And regarding player to player bank transfer, if I do that and they send money to my bank account am I not supposed to provide source for that money? How does this evade tax?
Hoping to hear from you.
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March 23, 2015 at 8:39 pm #37968Poker GuruParticipant
I think you have misunderstood the reply – player to player transfers are mostly done among players who know each other and exchange cash when they meet in a poker room. Cash = no tax
Having said that, we do not feel poker is gambling and as far as matters of FEMA are concerned, deposits/withdrawals from Neteller and not always smooth. Many players are unable to deposit or withdraw easily.
Your CA was not able to guide you how to file taxes after accounting for the money you got from Neteller in your bank account? I think its time to get a better CA.
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April 1, 2015 at 1:34 pm #37972Azhar K.Member
Thanks for clearing. I misunderstood your reply. Didn’t read the ‘cash’ part before.
Having said that, we do not feel poker is gambling and as far as matters of FEMA are concerned, deposits/withdrawals from Neteller and not always smooth. Many players are unable to deposit or withdraw easily.
So if I decide to declare my poker winnings, do I show it under gambling or some other source?
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April 1, 2015 at 6:18 pm #27226Rajat AgarwalKeymaster
Income from other sources.
You are actually asking the same question on two threads – suggest we keep this discussion on the other thread.
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