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In Kerala, India, the 75 lakh lottery tax refers to the taxation rules applied to lottery winnings, particularly for prizes worth 75 lakh rupees or more. This tax is governed by local state regulations and central government laws, aiming to generate revenue for public welfare programs. Winners must declare such amounts in their income tax returns, and deductions may apply based on the lottery type and individual circumstances. It is essential for participants to understand these tax implications to avoid legal issues and plan their finances effectively. |
