How much tax do I have to pay on lottery prize money?
Let’s say I had won the Powerball lottery with a $500 million prize playing through an online ticket purchase service. I am an Indian resident. How much tax would I have to pay on the same? Would I have to pay taxes in the US as well as in India? Would I be eligible for any tax credits through DTAA or similar for the portion of the money that was withheld in the US by the IRS?
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Advocate By LEAD INDIA
Answered: 24 Jul 2023
If you want to legal advice regarding tax you can contact our helpline no.
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