I Won the Lottery! How Bad Are Taxes Going to Be?
I Won the Lottery! How Bad Are Taxes Going to Be?
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However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery
The lottery tax is applicable even if the winner's total annual income falls within the tax exemption slab No deductions are available under Winning, receiving a share of a win or being gifted money has no tax implications on the initial amount and does not need to be reported to us
how many people play the postcode lottery Does the winner of a lottery prize need to pay tax? Prizes won at lotteries subject to lottery tax comprise tax-exempt income for the recipient Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no
