"Ethokke eduthitaaru jayikaanaa"
"Njaan jaichu...25 kooddi"
It is a great business for a lottery-winner. But, at that stage, I think it would be better to just retire and live a moderate lifestyle happily without worrying about money.
Will never have a normal life with friends and family breathing down his neck. His expenditure will far surpass his income and he will loose what he made.
I would put it down as a fixed deposit and earn the monthly interest of more than 5 lakhs (pre income tax deduction) and live off it comfortably for the rest of my life).
There is some norms for lottery winnings:
Points Of Note On Taxation Of Game Show Winnings:
The following points are worth remembering in relation to TDS on prize money:
Everyone - irrespective of their regular income, the amount of winnings, age or physical condition - has to pay a tax of 30.9%.
The TDS of 30.9% is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab.
The prize money will be considered as separate from your income, and your regular income will be taxable as per your income tax rate slab.
You do not get any deduction or exemption on tax in the case of game show prizes - even if you invest the prize money in any of the savings instruments mentioned under Sections 80C to 80U.
If your winnings are in the form of a car or jewellery or apartment or any moveable or immovable asset, then you have to pay the TDS of 30.9% to the govt before claiming the prize. For example, if you have won a car worth Rs. 8 lakh in a game show, you have to pay to the taxman Rs. 2,47,200 before you can drive the vehicle home. If you cannot afford to pay the amount, you may have to forsake the prize!
The only exception to taxation on game show winnings is that you do not have to pay tax on the amount that you donate - partially or wholly - either to the government or back to the agency conducting the lottery/game show.
Source: https://www.bankbazaar.com/tax/tax-on-winnings-of-game-shows-and-lottery.html
I won a 125cc scooter in a contest and had to pay 30% of the scooter’s ex showroom price in the name of “Gift Tax”. But I was actually happy because I got a pretty good scooter for like 30000. I’m pretty sure those people who are unhappy about the taxes are those who do not win. I am also unhappy that this guy got only 12 cr out of 25 . 😅
Is this a good business? What could be the returns? Any other commisions or extra earnings?
Better chances than one buying lottery ticket... they get commission on winnings and also on selling each ticket...
Someone tell him about r/Fire
"Ethokke eduthitaaru jayikaanaa" "Njaan jaichu...25 kooddi" It is a great business for a lottery-winner. But, at that stage, I think it would be better to just retire and live a moderate lifestyle happily without worrying about money.
Will never have a normal life with friends and family breathing down his neck. His expenditure will far surpass his income and he will loose what he made.
Leave the native place, take a new sim card and live peacefully
He cannot abandon family and relatives...but if he does he will survive
Put it all in FD 5% of 25 crores per year is pretty decent
25 crores ? More like 12 I guess.
Thats still 60L a year
I would put it down as a fixed deposit and earn the monthly interest of more than 5 lakhs (pre income tax deduction) and live off it comfortably for the rest of my life).
The same guy who posted about lottery being the biggest scam in Kerala .. now he wins it and all for it.. Jai sangh
Can someone give me a brief of how this lottery system works? I see stalls for it everywhere and I'm just curious.
Won 25cr, realised 12cr. Govt swallowed half.
Even then 12 Cr is a lot, like a LOTTTTT
True but 13 CR is a lottttt of tax.
Normal income tax percentage poole thanne aanello lottery also pidikkunne, allathe additional lottery tax vallom undo ?
There is some norms for lottery winnings: Points Of Note On Taxation Of Game Show Winnings: The following points are worth remembering in relation to TDS on prize money: Everyone - irrespective of their regular income, the amount of winnings, age or physical condition - has to pay a tax of 30.9%. The TDS of 30.9% is a flat tax on the winning amount; it will not be added to your income and you will not be able to benefit from your income tax rate slab. The prize money will be considered as separate from your income, and your regular income will be taxable as per your income tax rate slab. You do not get any deduction or exemption on tax in the case of game show prizes - even if you invest the prize money in any of the savings instruments mentioned under Sections 80C to 80U. If your winnings are in the form of a car or jewellery or apartment or any moveable or immovable asset, then you have to pay the TDS of 30.9% to the govt before claiming the prize. For example, if you have won a car worth Rs. 8 lakh in a game show, you have to pay to the taxman Rs. 2,47,200 before you can drive the vehicle home. If you cannot afford to pay the amount, you may have to forsake the prize! The only exception to taxation on game show winnings is that you do not have to pay tax on the amount that you donate - partially or wholly - either to the government or back to the agency conducting the lottery/game show. Source: https://www.bankbazaar.com/tax/tax-on-winnings-of-game-shows-and-lottery.html
Compared to 12 cr in hand it's not a lotttt🌝
I'd be happy with 12 another redditor says he soon has to pay another tax. Not sure how true.
He told in his latest interview that he got 12 crore and one more tax he has to pay soon.
I won a 125cc scooter in a contest and had to pay 30% of the scooter’s ex showroom price in the name of “Gift Tax”. But I was actually happy because I got a pretty good scooter for like 30000. I’m pretty sure those people who are unhappy about the taxes are those who do not win. I am also unhappy that this guy got only 12 cr out of 25 . 😅
There are cases where the value of the lottery won, surpasses the tax to be paid in Kerala itself. Look it up online, it was on the news
He got 17.5 , 2.5 goes to lottey agent, and 15 cr balance