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The recent triumph of 18-year-old Dommaraju Gukesh at the World Chess Championship has sparked a debate regarding the taxation of his substantial prize money. Gukesh's victory, a remarkable feat that saw him overcome Ding Liren with a final score of 7.5-6.5, secured him a prize of $1.35 million, approximately Rs 11.45 crore. This significant financial reward, however, comes with a hefty tax liability estimated at Rs 4.8 crore. This has prompted Tamil Nadu Congress MP R Sudha to intervene, appealing to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for a tax waiver on Gukesh's earnings.
In her letter to the Prime Minister and Finance Minister, MP Sudha highlighted the exceptional nature of Gukesh's achievement. She emphasized that his victory is not merely a personal triumph but a source of national pride, reflecting positively on India's burgeoning chess scene. The sheer magnitude of his win, coupled with his young age – a record in itself for a world champion – underscores the exceptional circumstances of his case. She argues that the significant tax burden could potentially overshadow the celebratory atmosphere surrounding this momentous achievement and dampen the inspirational impact it could have on aspiring young chess players across the country.
Sudha's plea for a tax waiver is grounded in the precedent set by previous governments. She cites instances where prominent sports figures, such as Sachin Tendulkar and Ravi Shastri, received similar exemptions during the tenure of Congress governments. This reference to past practices serves as a compelling argument for the consideration of a tax break in Gukesh's case, suggesting a consistent policy approach towards rewarding exceptional sporting achievements. The implication is that the granting of a tax waiver wouldn't be an anomaly but rather a continuation of a previously established practice aimed at recognizing and incentivizing outstanding sporting talent.
Beyond the tax waiver, Sudha's letter also proposes a cash award from the Union government to further acknowledge Gukesh's accomplishment. This proposal mirrors the gesture made by the Tamil Nadu government, which felicitated Gukesh with a Rs 5 crore cheque. The rationale behind this recommendation is not only to honor Gukesh personally but also to create a positive ripple effect, inspiring other young Indians to pursue excellence in chess and other sporting domains. A substantial cash reward from the central government would not only amplify the recognition received at the state level but would also send a strong message about the nation's commitment to nurturing sporting talent.
Finally, Sudha's letter calls for a parliamentary resolution to congratulate Gukesh. This formal acknowledgement from the highest legislative body in the country would add another layer of recognition to his achievement, further solidifying his status as a national hero and an inspiration for future generations. By proposing this resolution, the MP aims to ensure that Gukesh's accomplishment is formally enshrined in the parliamentary records, commemorating his significant contribution to India’s sporting legacy and serving as a permanent reminder of his exceptional talent. The call for a parliamentary resolution underscores the significance of Gukesh's achievement, reflecting a broader desire to officially celebrate his success on a national platform.
The case of Gukesh highlights a complex interplay between sporting achievements, financial rewards, and taxation policies. While the considerable tax liability on his winnings might seem standard practice, the exceptional nature of his achievement and the potential impact of a tax waiver on both Gukesh himself and the broader sporting landscape in India demand careful consideration. The debate surrounding the tax waiver request also underscores the ongoing discussion about the appropriate role of government in recognizing and rewarding exceptional talent, balancing fiscal responsibility with the need to incentivize achievement and inspire future generations.
Source: Tamil Nadu MP writes to PM Modi, seeks tax waiver on Gukesh's cash prize