The glamor of IPL has not only brought popularity to Vaibhav Suryavanshi. The world’s biggest cricket league has also made him rich. At the age of just 15, Vaibhav’s net worth has reached Rs 7 crore. Since Vaibhav is still a minor, the question arises whether there will be any tax on his earnings? If yes, then how much tax will they have to pay as per Indian law.
Vaibhav Suryavanshi’s main sources of income are from IPL contracts, endorsement and sponsorship deals and advertisements. Rajasthan Royals had retained him for Rs 1.10 crore for IPL 2026, but his total earnings in the season were more than Rs 3 crore. This included everything from match fees to prize money. According to media reports, he also has an apartment in Mumbai. Know here how Indian Income Tax is applicable on Vaibhav’s earnings since he is a minor?
Any person below 18 years of age comes under the category of minor. According to Section 64(1A) of the Income Tax Act, the amount received by a minor is added to the income of his parents. Income tax is imposed on that amount by considering it as the income of the parents.
There will be no tax on Rs 1500
Income tax law works differently for minors than for adults. If a minor earns up to Rs 1500 in a financial year, no tax will be charged on it. If a minor earns more than Rs 1500 in a year, then tax can be imposed on it according to different circumstances.
-If both the parents are employed, then the income of the minor will be added to that of the parent whose earning is higher.
-If the parents live separately, the income of the minor will be added to the income of the parent with whom the child lives.
-If both the parents are no more, in that situation a separate income tax return is filed.
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