What are the tax implications of giving gifts arising from a lottery win?

how to share lottery winnings with family without paying taxes
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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

With the annuity, the taxes will be paid on the entire amount when you receive it The other consideration is what you could earn by investing the money if you

how likely are you to win the lottery 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

how much taxes come out of lottery winnings The misconception is that there is a federal exception to gift or estate taxes when lottery winnings are shared amongst family The IRS will