I bought a PS4 in UK and I've been using it for close to two and a half weeks here and I'm taking it back to India so will I have to pay them? There are no boxes, just the console in one suitcase wrapped in a blanket and the controller in another suitcase.
If I do get stopped how much will I have to pay? The total price I paid was around 38k including a game and the console.
According to importdutycalculator.com, electronics are never subject to Indian import duties:
Duty rates in India can be ad valorem (as a percentage of value) or specific (rupees per unit). Duty rates vary from 0% to 150%, with an average duty rate of 11.9%. Some goods are not subject to duty (e.g. laptops and other electronic products).
So you shouldn't be required to pay an import duty on your PS4, even if you were bringing it into the country to resell.
