Is it necessary to pay taxes if i win the lottery?
Asked by lotusasiacasino, 09 Nov '12 04:00 pm
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Income tax on Lottery winnings are specified under the Income Tax Act, 1961. It stipulates that an individuals income tax on lottery winnings and other sources of income like crossword puzzles or races like horse racing that are of gambling or betting nature games will be taxed .Answered by LIPSIKA, 09 Nov '12 04:15 pm
Every silver lining comes with a cloud, and in the case of winning the lottery, the cloud is tax withholding. While lottery winners should expect the tax man to take his share of the winnings, proper planning and correct withholding made by the prize's grantors, prize winners shouldn't have to let tax-situation stress take away from the glow of bringing home a lottery jackpot.Answered by Psycho, 09 Nov '12 04:12 pm
Yes ....You have to pay.Answered by anantharaman, 09 Nov '12 06:43 pm
Yes, if the winnings are more than rs five thousand.Answered by rajan, 09 Nov '12 04:54 pm
You will get your money after TDSAnswered by ajay, 09 Nov '12 04:08 pm