Smart tax strategies for lottery winners - Tax Insider

income from winning of lottery is taxable under
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Expenses of purchasing lottery tickets are deducted out of winning from lottery Compute taxable income under the head Income from other sources of

are chargeable to tax under Section 56 under the head 'ncome from other sources' 1 Special rate of Income-tax in case of winnings from lotteries, crossword Federal Form 5754 is also used when the person receiving gambling winnings subject to reporting or withholding is not the actual winner This form lists the

singam lottery sambad result Are lottery winnings from other states taxable for New Jersey gross income tax purposes? Companies that obtain the right to lottery payments from the winner As per section 115BB of the Income-tax Act,1961, the entire income from winning lotteries, games show, etc will attract tax at the rate of