Vishu Bamber is expected to become the biggest attraction in the Kerala lottery market, with a significant number of tickets already sold. The lucky winner will be revealed once Vishu is over. If you do happen to win a prize, it’s essential to know what steps to take to claim it. Failure to follow the proper procedures could result in the forfeiture of your prize money.
For prizes below Rs. 5000, winners can collect their prize from any lottery shop in Kerala. However, for winnings over Rs.5000, the winning ticket and ID proof must be submitted to the government lottery office or bank. Winners should also check for the results published in the government gazette and submit their winning lottery ticket within 30 days. While winners can withdraw up to Rs.1 lakh directly from the lottery directorate, there are additional procedures for larger amounts.
If you’re lucky enough to win a prized lottery, you’ll be required to complete several steps before collecting your payout, including attesting to the ticket and completing several forms. If a minor wins, a guardian certificate will be required, and if multiple people purchase tickets, one person should be assigned to collect the prize. You will also need to submit proof of identification, write your name and address on the back of the lottery ticket, and surrender the ticket at a designated bank.
If your prize exceeds Rs. 10,000, the lottery department will levy a tax at source of 30% under Section 194B of the Income Tax Act, 1961. This tax will apply even if your income is not otherwise taxable. If the prize is worth more than 50 lakhs, winners will be required to pay surcharge and cess to the Income Tax Department.
If all the required procedures are followed, you could be a lucky winner of the Vishu Bamber lottery.
Vishu Bamber is going to be the next big draw in the Kerala lottery market. Many tickets have already been sold. Once Vishu is over, we will know who is that lucky person. You can check what to do with the ticket if you hit the prize anywhere.
Most people don’t know what they need to do to get their hands on the prize, whether they win the first prize or not.
If you do not know the steps ahead, there is a possibility of losing the entire amount. So don’t knock the luck that comes your way.
To buy money
If the prize amount is less than Rs.5000 then the amount can be purchased from any lottery shop in Kerala. If it is more than 5000 rupees, the ticket and ID proof should be submitted to the government lottery office or bank. Winners should check the result published in the government gazette. Also the winning lottery ticket must be submitted within 30 days. The lucky winner can withdraw up to Rs.1 lakh directly from the lottery directorate. But there are some procedures in case of large amount.
1. Apply for the prize. Name and address must be entered correctly. Photocopy of both sides of ticket eligible for first prize must be taken and attested by a Guiding Officer.
2. Two passport size photographs attested by Gazetted Officer or Notary are required along with the application.
3. Another is the stamp receipt form. It can also be downloaded from the lottery website. A revenue stamp of Rs.1 should be affixed on this form. And each column should be filled. All information including full name and receipt must be entered on the receipt without spelling errors.
4. If the gift is received by a minor, a guardian certificate is required to be produced. This is a certificate certifying that we are the parents of this child.
5. If more than one person buys tickets separately, one of them must be assigned to collect the prize. He has to produce an attestation paper in Rs 50 stamp paper.
6. Identity card should be submitted along with the application. PAN, Aadhaar, Driving License, Voter ID, Passport etc. can be given any of these.
7. Name and address must be written on the back of the lottery ticket.
8. Prized tickets can also be surrendered at desalized banks, scheduled banks, co-operative banks, etc. Bankers have to send three documents to the State Lottery Directorate while making this payment.
∙A certificate of authority should be obtained from the honoree. It can be downloaded from the Kerala Lottery Department website.
∙Certificate of the bank receiving the prize money.
∙Certificate authorizing receipt of prize money. The bank authorities should give these certificates to the lottery director.
Lottery tax
∙ As per Section 194B of the Income Tax Act, 1961, prizes from lotteries are paid only after tax has been collected. If the prize is above Rs 10,000, the lottery department will levy a tax at source (TDS) of 30 per cent. After that you get the money in the bank.. so you don’t have to take money from your hand and pay tax.
TDS will be levied as per law even if the income of the prize winners is not taxable. Such tax also applies to prizes from puzzle, card game and other games. Prizes received from programs in TV shows will also be taxed in the same way. Tax is payable even if the gift is non-cash. The amount collected will be paid to the Income Tax Department.
If the surcharge prize exceeds Rs 10,000, the lottery department levies a tax of 30 percent on the prize.
50 lakhs and other charges above
Prize winners above 50 lakhs will be required to pay surcharge and cess for PAN card holders. This should be paid to the Income Tax Department. Not just lottery tickets, the Income Tax rules state that anyone who receives a prize worth more than 50 lakhs will have to pay surcharge and cess. Cess will be levied as per tax slab. A cess of 1.2 per cent will be payable if the income of the recipient falls under the slab rate of 20 per cent.
No tax
If you win a prize worth Rs.5,000, you don’t have to pay tax. It can be exchanged for cash at the nearest lottery agency.
English Summary : Vishu Bumper Lottery Lucky Draw Soon, Know these Things
In conclusion, winning the lottery can be an exciting experience, but it’s important to know the proper steps to claim your prize. With the upcoming Vishu Bamber draw in the Kerala lottery market, many tickets have already been sold, and the lucky winner will soon be revealed. Whether you win the first prize or not, it’s crucial to follow the procedures outlined by the government lottery office or bank to claim your prize. Remember to check the result published in the government gazette, submit your ID and supporting documents, and be aware of any taxes or surcharges that may apply, especially for prizes above 50 lakhs. By staying informed and following the necessary steps, you can make the most of your luck and enjoy your winnings.