Youngest Chess World Champion D Gukesh to Pay More Income Tax Than MS Dhoni’s IPL Salary – Find Out How Much
The Price of Victory: D Gukesh’s Tax Burden After World Chess Championship 2024 Triumph
D Gukesh’s victory at the World Chess Championship 2024 in Singapore has brought him global recognition and fame, but with success comes a significant tax burden. The 18-year-old chess prodigy, who made history by becoming the youngest-ever World Chess Champion, will be required to pay an estimated ₹4.67 crore in taxes. This is higher than the salary of his idol, MS Dhoni, who was retained for ₹4 crore by the Chennai Super Kings (CSK) for IPL 2025. While Dhoni’s IPL salary is considerable, it pales in comparison to the taxes Gukesh must pay for his remarkable achievement.
Youngest Chess World Champion D Gukesh to Pay More Income Tax Than MS Dhoni’s IPL Salary
World Chess Championship Earnings and Prize Breakdown
Winning each game in the World Chess Championship was worth $200,000 (approximately ₹1.69 crore) for the players. Gukesh secured three victories, earning a total of $600,000 (approximately ₹5.07 crore). His opponent, China’s Ding Liren, won two games and took home $400,000 (approximately ₹3.38 crore). In addition to these winnings, both players shared a prize pool of $1.5 million (₹12.7 crore approximately), which will be split equally between them. As a result, Gukesh’s total earnings from the championship are estimated at ₹11.34 crore, while Liren’s total comes to ₹9.75 crore.
Gukesh’s Record-Breaking Victory
Gukesh’s achievement is even more impressive when you consider the competition he faced. He defeated China’s reigning champion, Ding Liren, with a 7.5-6.5 victory, surpassing the long-standing record of Russia’s Garry Kasparov as the youngest-ever world champion. His triumph has captured global attention, making Gukesh a household name in the world of chess. Despite the accolades and global recognition, the young champion now faces a substantial tax bill due to his earnings.
Tax Implications: High Income, Higher Taxes
Under India’s tax system, individuals earning above ₹15 lakh are subject to a 30% tax rate. However, since Gukesh’s earnings surpass ₹5 crore, he is also liable for a surcharge of up to 37%, making his effective tax rate exceed 42%, including a 4% health and education levy. This hefty tax burden comes as part of the high-stakes rewards of international sports success, highlighting the financial complexities even young champions like Gukesh must navigate.
Homecoming and Celebrations
Upon returning to Chennai, Gukesh received an overwhelming welcome at the airport, with fans lining up to celebrate his victory. The state government also honored the young chess champion, with Tamil Nadu Chief Minister MK Stalin announcing a cash reward of ₹5 crore. Gukesh expressed his gratitude and joy for the support he received from his fans, his home state, and the Indian government.
Conclusion: A Champion’s Reward and Responsibility
D Gukesh’s victory at the World Chess Championship 2024 is a testament to his talent and determination. However, his success brings with it the realities of high taxes and public scrutiny. While the financial rewards are considerable, they come with the responsibility of navigating India’s complex tax system. Despite the challenges, Gukesh remains an inspiration for aspiring chess players and sports enthusiasts alike.
Read More: @2024Epipedia