Taxability of rewards to Olympic heroes
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- Last Updated on 17 August, 2021
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Srinivasan Anand G. - [2021] 129 taxmann.com 152 (Article)
India has achieved its best ever Olympic performance at Tokyo 2021 winning 1 gold, 2 silvers and 4 bronzes totalling to 7 medals surpassing India’s previous best medal haul of 6 medals in London 2012 Olympics games. A lot of rewards have been announced for our Olympic Heroes who won us medals in Tokyo 2021. Rewards range from cash awards to gifts in kind like cars, flats, plots of land etc. Besides, rewards have also been announced for those Indian Olympians who came within striking distance of winning a medal but missed out e.g. Women’s Hockey Team. Question arises whether these rewards, in cash or in kind, are taxable or exempt?
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