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 do you have to pay tax if you win the lottery So if a person is a resident of India, the amount of lottery, winnings shall be taxed under Income From Other Sources in India even if it does cvs sell lottery tickets If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24% Income tax is withheld at a flat 24% rate from

does cvs sell lottery tickets Who must complete this form? You must complete Form IL-5754 if you receive payment of Illinois lottery winnings of $1,000 or more; or gambling, pari-mutuel

dog playing poker You don't pay tax on your lottery winnings, and any money gifted to family and friends is free of tax The only tax you or the gift recipients The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket, you will owe federal income taxes