The Tax Burden On D Gukesh Following His World Chess Triumph
Chess prodigy Gukesh Dommaraju, also known as D Gukesh, made history by winning the 2024 World Chess Championship, beating China’s Ding Liren in an exciting match.
Gukesh’s victory adds to his impressive achievements and boosts India’s reputation in the global chess community.
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Gukesh’s Victory: Prize Money Breakdown and Final Earnings
| Player | Games Won | Amount Earned per Win | Total from Wins | Equal Share of Remaining Prize | Total Earnings |
|---|---|---|---|---|---|
| Gukesh | Games 3, 11, 14 | $200,000 (Rs 1.68 crore) | $600,000 (Rs 5.04 crore) | $750,000 (Rs 6.72 crore) | $1.35 million (Rs 11.34 crore) |
| Ding | Games 1, 12 | $200,000 (Rs 1.68 crore) | $400,000 (Rs 3.36 crore) | $750,000 (Rs 6.72 crore) | $1.15 million (Rs 9.66 crore) |
- Total Prize Pool: $2.5 million
- Prize per Win: $200,000 (approx. Rs 1.68 crore)
- Remaining $1.5 million split equally between Gukesh and Ding: $750,000 each.
Tamil Nadu Announces Cash Prize for Gukesh’s Historic Achievement
Tamil Nadu Chief Minister M K Stalin announced a cash prize of Rs 5 crore for 18-year-old chess prodigy D Gukesh on Friday, recognizing his historic achievement of becoming the youngest-ever World Chess champion.
“Congratulations to @DGukesh on becoming the youngest-ever World Chess Champion at 18! Your remarkable achievement continues India’s rich chess legacy and helps Chennai reaffirm its place as the global Chess Capital by producing yet another world-class champion. Tamil Nadu is proud of you!” Stalin posted on X platform, soon after Gukesh’s victory.
Stalin personally called Gukesh to commend him for his historic achievement. “Your victory is a source of pride not just for Tamil Nadu but for the entire nation,” he said, according to a government release.
How Much Tax Youngest World Chess Champion D. Gukesh Is Paying?
With this win, Gukesh’s net worth is estimated to be around Rs 21 crore, showcasing his outstanding success. However, despite his young age, the chess champion will face high tax rates, which will considerably lower his take-home earnings.
Under the income tax system, Gukesh is likely to fall into the 30% tax bracket, which means he will have to pay around Rs 3.4 crore in taxes. However, the tax burden doesn’t stop there. Additional surcharges and other charges, estimated at around Rs 1.3 crore, will bring his total tax liability to about Rs 4.67 crore. This means Gukesh will lose nearly 42% of his total prize money to taxes, significantly lowering his financial reward for the victory.
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