Historic Victory: Gukesh Dommaraju, at 18 years old, made history by winning the 2024 World Chess Championship, defeating China's Ding Liren in a thrilling contest.
Prize Money: As the World Chess Champion, Gukesh earned a prize of Rs 11.34 crore, adding significantly to his wealth and reputation.
Tax Deductions: Despite his success, Gukesh faces a significant tax burden, with an estimated 30% income tax rate pushing his tax liability to around Rs 4.67 crore.
Impact on Earnings: The high tax deductions mean that Gukesh will lose almost 42% of his prize money, significantly reducing his take-home earnings from the victory.
Prize Distribution: The total prize pool for the 2024 World Chess Championship was Rs 20.75 crore, with players earning Rs 1.68 crore for each win. Gukesh won three games, earning Rs 5.04 crore from his victories.
Controversy Over Taxes: There has been public debate regarding the fairness of the high tax rates on Gukesh's prize money.
Inspiration and Legacy: Gukesh's victory serves as a powerful inspiration for aspiring chess players in India and solidifies his legacy as a role model.