Won a lottery or prize money in India? Here's what you need to know

tax for winning lottery
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Shareholders, partners, or members in pass-through entities receiving income from gambling or lottery activities are subject to personal income tax on their

With a federal tax rate of 37%, a Mega Millions winner would pay a total of $ million in federal taxes and pocket $ million by 2051 if TDS Rate: The TDS rate for lottery winnings is 30% us 194B of the winning amount For game show winnings,

lottery age restriction The Lottery Department shall withhold Virginia income tax at the rate of % on the proceeds from any lottery prize in excess of $5,000 The tax shall be The governing lottery body withholds 24% of the prize automatically, leaving the balance to be paid by the winner, according to Lottery USA