|
If you win the lottery in India, a significant portion of your winnings may go to taxes. For example, if you purchase a lottery ticket from local Indian products like those sold by state-run lotteries in Kerala or Punjab, the prize money is subject to tax deductions under the Income Tax Act. Typically, lottery winnings are taxed at a flat rate of 30% under Section 115BB, plus applicable cess and surcharge, which can bring the total tax to around 31.2%. This means if you win 1 crore rupees, approximately 31.2 lakh rupees would go to taxes, leaving you with about 68.8 lakh rupees. It\“s essential to check specific state rules, as some states like Sikkim have their own lottery regulations that might affect tax calculations. |
