KF Rookie
I want to know that suppose I win a lottery worth Rs 7 crore today, will I have to pay tax and if I have to pay then how much will I have to pay and is there any way to save tax?


KF Rookie
Hi,i would like to mention here that there is no way you can save tax from lottery as there is flat 30% tax deduction at source.
And there is only 80C available which provides you with 1.5L DEDUCTION.


KF Mentor
Hie Nishu,
Lottery winnings tax is deducted while giving money, you will receive net of TDS (30%. + Cess = 31.2%.)
Further No deductions or tax-free exemptions would be allowed to be deducted from the winnings So, the tax-payer cannot claim any deduction of the Income Tax Act (Section 80C, Section 80D, etc.) on the winnings.


KF Rookie
Yes I a agree that 80C deduction not available but tax is deducted @30% rest tax you have to pay with return of income after fy ends with other income.