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 lottery winnings tax rate lottery games, racetrack betting or gambling must pay income tax on Maryland taxes will be withheld at a rate of percent on a resident's winnings lottery sambad chart Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare the winnings in your Income

lottery sambad chart The Connecticut Lottery Corporation will withhold Connecticut income tax at the rate of 5% from all payments of reportable Connecticut lottery winnings made to

lottery sambad 5 tarik actor A health and education cess at 4% of the total tax is imposed in addition to the introductory rate of 30% Consequently, % is the effective tax on lottery As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount