Planning on Sharing your Lottery Winnings with your Family: Write it
Planning on Sharing your Lottery Winnings with your Family: Write it
The prize is considered taxable income and will be taxed accordingly Be ready, as the prize money will likely push you into a higher tax
The simple legal way to avoid tax on lottery winnings is to have all of the syndicate members to show up at Lotto HQ with all the documents If the amount of the award or the prize is more than INR 10,000, TDS would have to be deducted from the winnings before paying it to the winner
poker software development So by claiming the lottery winnings as a family partnership, a winner can claim that they are not making a taxable gift, because it was a family It will also help to reduce your family's tax obligations Whatever type of trust you choose will shield your lottery winnings from estate tax and the time-
