LOTTERY TAX ?

[nishu@3360]

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?

 

[PAL2911]

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.

 

[Prince]

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.

 

[PAL2911]

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.