Smart tax strategies for lottery winners - Tax Insider

Tax on Winning Game Shows and Lotteries income tax on lottery Only one person may claim a prize from the Wisconsin Lottery, unless a court order declares that the prize is claimed by multiple persons income tax slot As per the Income Tax rules, money won in a lottery or any competition is taxable You will have to pay a flat 30 per cent of the winning amount

income tax on lottery : In case taxpayer has earned special income like winning from lottery or horse races, then Income Tax Act In case Taxpayer wants to claim HRA, taxpayer