Becoming a crorepati in a very short span of time would be a dream come true. However, the popular television quiz show ‘Kaun Banega Crorepati’ made it possible by being a platform to become a crorepati.
Kaun Banega Crorepati more popular as KBC hosted by the Bollywood legend Amitabh Bachchan is one of the most popular television shows in India which has been garnering abundant love from the viewers right from its inception in 2000. The quiz show gives an opportunity to the participants to answer the questions and win prize money in thousands, lakhs, and even in crores up to a maximum of ₹7 crores.
But one thing which not everyone knows is that the winner will not be taking away all the money he/she wins in the show. Yes, you read it right. We are here to tell you what part of the prize money does the winner actually takes home if he/she wins ₹1 crore in the show.
How much money does KBC 1 Crore Winner actually get credited to his account?
Kaun Banega Crorepati premiered back in 2000 with Amitabh Bachchan as the host. From the very first year of its inception, the show started to become immensely popular. Amitabh Bachchan has been associated with KBC for over 20 years whom we saw taking over the host’s chair from the show’s start. However, Big B was replaced by Shah Rukh Khan as the host for a single season (third season).
There are people who want to make it to the show only to have a glimpse of their all-time favorite Big B and shake a hand with the versatile actor.
And when you get the opportunity to sit on the hot seat in front of Amitabh Bachchan, what next! That feeling just gives goosebumps and almost leaves us speechless for a moment until we digest the reality.
Now, let us speak about the prize money as to what happens to the full amount won by a contestant in the show. Well, a certain part of the prize money gets deducted as tax. Let us now understand what money does actually a winner takes home if he/she wins prize money of ₹1 crore.
The winner has to pay income tax as the prize money is also considered as income. Hence, the money left after deducting the taxes only will get credited to the winner’s bank account.
Section 56 (2)(ib) of the income tax act, 1961 states that if anyone makes money by such game shows or gambling or any other kind of betting, then that income is considered as Income from Other Source.
As such, the individual is liable to pay 30 percent of the money as tax. And then even a surcharge of 10 percent along with a cess of 4 percent on the tax will also be applicable.
So after all these deductions, the ₹1 crore winner would end up taking home actually around ₹65 to 66 lakhs. A good part of ₹1 crore that is around ₹34-₹35 lakhs would be deducted as taxes.
So, next time you participate in KBC or any other game show, keep in mind the taxes too apart from the winning prize money!
Meanwhile, the new season of KBC – Kaun Banega Crorepati 13 premiered on Monday (August 23) on the Sony TV channel and SonyLIV app.