Do you pay tax on lottery winnings?
Do you pay tax on lottery winnings?
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Have you ever wondered about people who win money on game shows like Kaun Banega Crorepati, Bigg Boss, Indian Idol, etc , paying tax or not? Do
The winnings from the games need to be more than Rs 10,000 If someone has won a game, a competition, or a lottery, they will have to know about Section 194B Lottery winnings are tax free but any income earned on those winnings is taxable and should a winner choose to gift some cash to their relatives
denver housing authority lottery As we all follow reality shows and know about their fascinating prize amounts of money, do we know about the taxability of such income? Lottery winnings that are more than $5,000 get a federal tax of 24%, therefore, you'll be cutting more than $12 million from the annual payments
