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

how much do they tax lottery winnings
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Whoever wins a Mega Millions jackpot will still take home a good chunk of change, but they can say goodbye to at least 24% of their winnings right away

Still, you'll probably owe more when taxes are due since the top federal tax rate is 37% So a good first step a lottery winner could take is to

how many numbers in the lottery However, winning the prize requires you to pay taxes on your winnings If you win Rs 10 lakh, you will have to pay a 30% tax on lottery

how lottery works Does the winner of a lottery prize need to pay tax? Prizes won at lotteries subject to lottery tax comprise tax-exempt income for the recipient