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

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lottery tickets tax deductible - पूरा खेल · lottery tickets tax deductible

Depending on your other income and deductions, amounts withheld by the Lottery on your winnings may or may not be sufficient to meet your total tax obligation  Because lottery winnings are not taxable; lottery tickets are not tax deductible Do I have to take my prize as is or can I just take the cash? Prizes must be

highest lottery prize in world Gambling losses are sometimes deductible Consult a tax professional to learn how, or if, this applies to you What can I legally do to lighten the tax burden Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable