Do Olympic Medal Winners Pay Taxes on Their Rewards and Gifts?

 North News,
Chandigarh,August 16

As the 2024 Olympics conclude, with Neeraj Chopra clinching a silver medal and other Indian athletes securing bronze, they are being showered with cash rewards and gifts from the government and industrialists alike. As per the Hindustan Times, this brings up an important question: Are these rewards subject to taxation?

In India, cash rewards or gifts received from the central or state governments by Olympic, Commonwealth, or Asian Games medalists are exempt from taxes under Section 10 (17A) of the Income-Tax (I-T) Act. This means that Indian athletes can enjoy their rewards tax-free. In contrast, reports have claimed that French medalists will receive €80,000 for gold, €40,000 for silver, and €20,000 for bronze, but these amounts will be subject to tax withholdings in France.