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

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If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You must declare

Generally, the federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no A: Ten percent Q: What is the Lottery Winnings Tax? A: It is a tax charged on all prize money

pg slotทดลองเล่นฟรี The federal government withholds 24% of your winnings immediately You may owe additional federal taxes depending on your overall tax bracket Each state also Are winnings taxed? The Tax Laws Act reintroduced WHT on winnings at the rate of 20% What are winnings ?