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

how much of lottery winnings is taxed
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And in all likelihood, at least one state is going to win big twice That's because lottery winnings are generally taxed as ordinary income at

The current TDS rate on such winnings is 30%, with the total tax liability, including surcharge and cess, amounting to % Winning award A one quarter interest in a $2 Power Ball or Mega Millions ticket is worth $ 50 That minimal amount can be given away without any gift tax

beast master best in slot lottery winnings , insurance money , part of inheritances Rate of tax The tax is graduated both according to amount of income and amount of income Tax Band 3: Any prize above $5,000 is subject to a tax rate of % for non-residents Texas lotteries