In India, lottery winnings are subject to taxation under the Income Tax Act, 1961. When an individual wins a lottery prize of 10 crore rupees or more, they are required to pay tax on the entire amount as per the prevailing tax laws.
The tax rate applicable on lottery winnings in India is 30% plus cess and surcharge as applicable. This means that for a 10 crore lottery win, the winner would need to pay approximately 3 crore rupees as tax, depending on the current tax rates and additional charges.
It is important for lottery winners to declare their winnings in their income tax returns and pay the due tax within the specified time frame to avoid penalties and legal complications. The tax deducted at source （TDS） is usually applicable on lottery winnings above certain thresholds.
Indian lottery winners should consult with tax professionals to understand their tax liabilities and ensure compliance with all legal requirements related to their lottery winnings. |
