How does player to player transfer work?

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    • #27225
      Bluff Youu
      Member

      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?

    • #36757
      Poker Guru
      Participant

      @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.

    • #36927
      Azhar 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.

    • #37966
      Azhar 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      Rajat, I have decided to pay taxes on my winnings but the money was withdrawn via neteller neft to my icici bank account.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?

    • #37967
      Azhar 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.

    • #37968
      Poker Guru
      Participant

      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.

    • #37972
      Azhar 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?

    • #27226
      Rajat Agarwal
      Keymaster

      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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