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Gukesh will lose almost 42% of his total prize money to taxes, significantly reducing his financial reward for the victory.
Gukesh wins World Chess Championship at 18. (PTI Photo)
Chess prodigy Gukesh Dommaraju, also known as D Gukesh, made history by winning the prestigious 2024 World Chess Championship, defeating China’s Ding Liren in a thrilling contest. The 18-year-old’s victory brought him international acclaim and a hefty prize of Rs 11.34 crore. However, the joy of this remarkable achievement will be tempered by a significant tax deduction.
Gukesh’s triumph not only adds to his growing list of accomplishments but also elevates India’s stature in the global chess community. With this victory, Gukesh’s net worth now stands at an estimated Rs 21 crore, reflecting his remarkable success. But despite his young age, the chess champion will be subject to high tax rates, which will significantly reduce his take-home earnings.
Under the income tax system, Gukesh is likely to fall into the 30% tax slab, meaning that he will have to pay around Rs 3.4 crore in taxes. However, the burden doesn’t end there. Additional surcharges and other charges, estimated to be around Rs 1.3 crore, will push the total tax liability to approximately Rs 4.67 crore. This means that Gukesh will lose almost 42% of his total prize money to taxes, significantly reducing his financial reward for the victory.
The prize pool for the 2024 World Chess Championship totaled Rs 20.75 crore, with players earning Rs 1.68 crore for each win. Gukesh, who won three games (Games 3, 11, and 14), earned Rs 5.04 crore from his victories. The remaining prize money was divided between the finalists, with Gukesh receiving an additional Rs 5.75 crore as part of the shared pot. In total, his prize came to Rs 11.34 crore.
While Gukesh’s success is a testament to his skill, training, and discipline, his victory sparked some controversy, especially regarding the high taxes imposed on his prize money. Many netizens expressed surprise and concern over the large amount Gukesh will lose to the government, with some questioning whether such high taxes are fair for a young athlete who has worked hard to achieve global recognition.
Despite the significant tax deductions, Gukesh’s victory is still a monumental achievement for both him and the country. His victory not only adds to his personal legacy but also serves as an inspiration to young chess players across the country, who now look up to him as a role model.
