Lottery Tax Rates Vary Greatly By State

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

Income from winnings of a lottery, horse race, gambling, etc under the Head under which income to be taxed ; Cost of

winning lottery ticket In conclusion, it is important to remember that the majority of sizable prize money and gifts are subject to taxation under the Income Tax Act,

winning lottery numbers powerball Expenses of purchasing lottery tickets are deducted out of winning from lottery under the head income from other sources For computing advance tax