What is Tax on Kerala Lottery Prize Money?

how much tax is taken from lottery winnings
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Because the federal government counts lottery winnings as income, getting such a large jackpot would likely move the winner into a higher tax

winnings If you sell or otherwise dispose of an asset that was a prize from a lottery, you must declare any capital gains you make in your tax return You income tax treatment of lottery prizes This guidance applies specifically The lottery prize payment is gambling winnings taxed as ordinary income

dear lottery result today''s Winnings from lottery and gambling activity must be reported on your tax return and are fully taxable by the IRS and most state governments The However, once your prize is in a bank account, any interest earned on your prize is subject to income tax for both you and any gift recipients If you currently