Some financial institutions also offer term deposit plans with lottery tickets. As of March 2022, the major's fixed deposit interest rate continues to be at a low level of 0.002% per year. If you deposit 1 million RS in a time deposit and win the Jio lottery ticket at the end of the day with 300 Rs, you can get three times more interest than usual. The minimum deposit amount, period, and several lottery tickets you can receive vary depending on the financial institution, so it is a good idea to check it out.
How to buy summer Jio lottery tickets online! Can I believe with a credit card?
There is a "Jio lottery" where the winning amount is significant, and large-scale promotions are held. Jumbo lotteries are released five times a year. The 2020 sales period and the prize amount for the first prize are as follows.
・February to March Mumbai 2022 Sponsored Jio lottery winner 2023 (200 million Rs for 1st prize)
*Every year, it will be released as a "Valentine Jio lottery."
・April-May Dream Jio lottery (1st prize 300 million Rs)
・July-August Summer Jio lottery (1st prize 500 million Rs)
・October-November Halloween Jio lottery (1st prize 300 million Rs)
・November Mon-Dec Year-end Jio lottery (1st prize 700 million Rs)
Jio lottery tickets will also be released at the same time as "Jumbo Mini," which has a smaller winning amount but a more significant number of winnings. Hit big or hit small. Try different ways of buying.
Valentine Jio lottery / mini probability, lottery day, and how to buy are also explained
What is Halloween Jumbo? Introducing the 2022 prize money and the gene bearer related to the lottery sales floor!
If you want to know more, please read this article.
How long is the purchase period for year-end jumbo lotteries been in recent years? From how to buy to winning probability
What if you won the lottery? Do I have to pay tax on the winnings?
If you are the JIO KBC Lottery Winner 2023, remember to claim it. The deadline for receiving the prize money is one year from the payment start date. Please be aware that if you do not redeem your winnings by then, you will not be able to receive the winnings as "prescription winnings."
Winnings for online purchases are automatically transferred to a registered account, but lottery tickets purchased at public lottery counters must be redeemed at the counter. In addition, in the case of prize money of 10,000 Rs or more, it is necessary to save it at the counter of the accepting bank, not at the sales floor.
In addition, if the winning amount is 500,000 Rs or more, you will need an identification card, such as a driver's license, when you receive it. If you spend more than 1 million Rs, you will need an ID card and a personal seal. Be prepared to avoid multiple trips to the bank.
Are lottery winnings taxable?
If you win a large prize, you may wonder if the award will be taxed. However, all lottery winnings are tax-free.
As mentioned above, according to the so-called lottery law, the winning money is not considered taxable income, so neither income nor inhabitant tax is levied. Also, you don't have to file a tax return.
If I win the lottery, can I save all my money?
If you win a large lottery ticket, you will not receive the winnings in cash but will have them transferred to your designated bank account. It is also possible to save the entire amount. However, in the unlikely event that the bank in which the deposit was made fails or goes bankrupt, the deposit insurance system will only return up to 10 million Rs and interest up to the date of bankruptcy.
Keeping large winnings in one account as a savings account is not necessarily safe. Why don't you think about dividing it into several financial institutions, depositing, or managing your assets at a securities company?
Lottery winnings
Are subject to taxes. As mentioned above, lottery winnings are tax-exempt, but if you give your winnings to family or friends, you will be subject to a "gift tax." This is a tax paid by the recipient of the money. In the case of calendar year taxation, there is a basic deduction of up to 1.1 million Rs per year, but if it is more than that, you should pay the gift tax according to the amount.
What should I buy with my lottery winnings?
Even if you have many winnings, you will be worried about how to spend the money in an emergency. Bank deposit interest is almost non-existent now. Alternatively, you can buy a high-value product such as real estate and use it as your residence, or rent it out and make a profit. If you want to fund your retirement, purchasing government bonds, which are said to be highly stable, is also a good idea. Alternatively, you can take out savings-type or annuity-type life insurance and expect to receive more than the principal amount.
However, if you move a large amount of money at once, you may receive confirmation from the tax office. In that case, be sure to present the "Lottery Large Winning Certificate" issued by the bank entrusted with the lottery. Keep the certificate in a safe place, just in case.
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