Won a lottery or prize money in India? Here's what you need to know
Won a lottery or prize money in India? Here's what you need to know
US Mega Millions - Lottery prizes are subject to taxation at source There are three tax bands Tax Band 1: Tax-free up to $ Tax Band 2: Any prize
However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently Lottery prize money is not tax-free in India If you win an amount that exceeds , then the amount is subject to TDS as per the Income
play sikkim lottery abc All prizes listed below are reported as the pre-withholdings amount, as this is taxable income the player must report on their returns to be subject to taxation Prizes may include cash, low-interest or interest-free loans, holidays or cars lottery, you must declare any capital gains you make in your tax return You
