50 lakh lottery tax

In India, winning a lottery prize of 50 lakh rupees or more is subject to taxation under the Income Tax Act. The tax is deducted at source （TDS） at a rate of 30% for prizes above this threshold. This applies to various local lottery products, such as state-run lotteries like Kerala Lottery or Nagaland State Lottery, which are popular among residents. Winners must report the income in their tax returns, and failure to do so can lead to penalties. It is essential for participants to understand these regulations to avoid legal issues and plan their finances accordingly.