India’s youngest World Chess Champion, D.Gukesh, receives a full tax exemption on his ₹11.34 crore winnings. Read how this landmark decision supports exceptional talent and inspires future generations.
The Indian Finance Ministry has decided in an important decision to completely exclude D.Gukesh, the youngest World Chess Champion from taxes on the prize money. Many people have praised this action as a major step towards helping and inspiring extraordinary national potential.
D.Gukesh prize money
Gukesh won prize money totaling ₹11.34 crore after defeating Ding Liren, a historic winner of the World Chess Championship. At first, he had a large tax obligation of ₹2.67 crore, a sizable fraction of his gains that would have eclipsed his enormous success. Understanding the possible demoralizing effect such a tax load could have on young talents, the Finance Ministry stepped in to release Gukesh from this financial responsibility.
Apart from his championship prize, D.Gukesh has also gotten substantial financial benefits from other sources. Tamil Nadu Chief Minister M.K. Stalin declared an award of ₹5 crore as a show of gratitude, therefore boosting D.Gukesh’s whole financial recognition to over ₹16.34 crore.
The Philox, a non-profit, highlighted the effect of the tax obligation on D.Gukesh’s income and the festive attitude around his success, hence the ruling appeals to The Philox as well. The tax exemption was given in honor of D.Gukesh’s genius and as a token of his extraordinary contribution to Indian chess.
This move sets a precedent for recognizing and rewarding extraordinary accomplishments in India. It reflects the government’s commitment to supporting national heroes and ensuring that financial burdens do not overshadow their achievements. By granting this exemption, the Finance Ministry has sent a powerful message of encouragement to young athletes and individuals pursuing excellence in their respective fields.
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D.Gukesh’s victory has brought immense pride to the nation, inspiring a new generation of chess enthusiasts. This tax exemption demonstrates the importance of supporting talent and fostering an environment where outstanding achievements are celebrated without financial hindrance. D.Gukesh’s journey from being a prodigy to a world champion now stands as a beacon of hope and inspiration for young minds across India.
