Complete Guide to Income from Other Sources Under Indian Tax Laws

winning from lottery is taxable under which head of income   Dan winning a lottery in dream

The taxes that you might have to pay are Income Tax, Capital Gains Tax and Inheritance Tax depending on the amount you win The National Lottery

There are certain casual incomes such as winning from lotteries, horse races, and other games of gambling or betting in nature which are taxed at a certain flat How Are Lottery Winnings Taxed? The IRS considers net lottery winnings ordinary taxable income So after subtracting the cost of your ticket,

raising in poker The money earned from such game shows is taxable under Section 56 and is to be disclosed under head “Income from Other Sources” at the time of filing of Income from game shows and lotteries is counted separately from the rest of one's income for taxation purposes Winnings from such sources fall