Income Tax on winnings from Lottery, Game Shows, Puzzle
Income Tax on winnings from Lottery, Game Shows, Puzzle
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You do not pay any tax on winning lottery in UK, however you have to pay Income tax on the interest you gain when you keep the amount in bank
If you win, there are two choices for the payout: a lump sum of Before seeing a penny of the jackpot, winners pay a sizable tax withholding Will You Pay Tax When You Win the Lottery? Winning the lottery can make your dreams come true overnight and jackpot prizes often reach astronomical
shree shakti lottery result chart 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 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
