F&O Income May Face Lottery-Like Taxation in New Budget: Report

Similar arrangements, some set up before a lottery win and some after, are commonly made to share lottery winnings while trying to avoid gift taxes However,

Example: If you won $10,000 but lost $15,000 You may deduct $10,000 California lottery We do not tax California Lottery or Mega millions

taxes on 1 million dollars lottery winnings Tax treatment of winnings Winnings received are not taxable as they are windfalls and not considered as an income You do not need to declare

tax for lottery winnings The TDS of % is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab