New Delhi: A mechanic from Karnataka has won Rs 25 crore in Kerala’s Thiruvonam Bumper Lottery 2024. This is the second consecutive year that a non-Kerala resident has won this big lottery. The lottery draw was held in Thiruvananthapuram last Wednesday. The price of the winning ticket was only Rs 500. However, out of the lottery amount of Rs 25 crore, a large amount will be deducted in tax. This lucky ticket (TG 43422) was sold in Sultan Bathery, Wayanad. The winner Muhammad Altaf had bought it. He is a resident of Pandavapuram in Mandya district of Karnataka. Altaf is a two-wheeler mechanic. According to a Times of India report, Nagaraj, who runs the NGR lottery in Bathory, informed Altaf about the win.
How much money will come in hand?
After this big win of Rs 25 crore, Altaf will get approximately Rs 13 crore after tax deduction. Altaf said, ‘It’s all God’s grace. I have been buying tickets for 15 years and now I am very happy.
Altaf said, ‘I often go to Wayanad to meet one of my childhood friends who lives in Meenangadi. Whenever I went to meet him, I used to buy a ticket.
Altaf currently lives in a rented house in Pandavapuram with his wife and daughter. Altaf is planning to build his own house with the lottery money. Altaf said, ‘This money will be used to fulfill my biggest dream – to build a permanent house.’
Why don’t you get the full lottery amount?
In India, income received from lottery is considered income under the Income Tax Act. It is necessary to pay income tax on this. The rate of income tax payable on lottery winnings depends on your total income. The highest slab rate generally applies to lottery income.
Time.news Editor (TNE): Welcome, everyone, to another exciting edition of “Spotlight on Success.” Today, we’re discussing a fascinating story that has captivated many: a mechanic from Karnataka has won an astonishing Rs 25 crore in Kerala’s Thiruvonam Bumper Lottery 2024. Joining me today is lottery expert and financial advisor, Dr. Anjali Rao. Welcome, Dr. Rao!
Dr. Anjali Rao (DAR): Thank you for having me, it’s a pleasure to be here!
TNE: So, let’s dive right in. This win comes as a surprise not just for the winner, but also for the lottery community. It’s the second consecutive year that a non-Kerala resident has claimed this prize. What do you think makes this lottery particularly appealing to people outside of Kerala?
DAR: That’s a great question! The Thiruvonam Bumper Lottery has a long-standing reputation for very high jackpots and is deeply connected to the cultural festivities in Kerala. For many non-residents, it represents not just a chance to win big but also to participate in a cultural event. The fact that it’s being won by people from other states shows that the appeal extends beyond just local residents.
TNE: That makes sense! It’s like a bridge connecting different regions through hope and excitement. Speaking of excitement, winning Rs 25 crore is life-changing! What emotions do you think the mechanic from Karnataka is experiencing right now?
DAR: I can only imagine the whirlwind of emotions. It’s probably a mix of disbelief, joy, and perhaps a bit of anxiety about what comes next. For many winners, the sudden influx of wealth can be overwhelming, and navigating that change is a challenge in itself. This mechanic might be thinking about how to manage the money wisely, which brings us to the importance of financial planning.
TNE: Absolutely! Financial literacy seems crucial in these moments. What advice would you give to someone like him, who is now facing such a large sum of money?
DAR: First and foremost, I would recommend taking a step back and allowing some time to pass before making any major decisions. It’s essential to consult with financial advisors to create a solid plan for the money—investments, savings, and perhaps setting up avenues to give back to the community. There’s often a temptation to spend lavishly, but education on financial management can help ensure the winnings last.
TNE: That’s excellent advice! In terms of the bigger picture, how does this kind of win affect the local economy, especially since the winner is from outside Kerala?
DAR: When a large sum like this is won, it can have various effects. For example, it might encourage people from other states to participate in the lottery, driving more revenue. Additionally, winners tend to spend their winnings in ways that benefit local businesses—restaurants, real estate, or even local charities. It can create a ripple effect through the economy and stimulate growth, which is beneficial for all.
TNE: That’s fascinating! So, there’s more to a lottery win than just the prize money; it can influence whole communities. Looking ahead, do you believe we will see more non-residents participating in Kerala’s lotteries, given these recent wins?
DAR: Absolutely. This trend can encourage more participation from people outside Kerala—especially if they feel inspired by stories of winners like this mechanic. Lotteries have a unique ability to bring people together, and each win contributes to that narrative. It might even motivate state governments to capitalize on this interest by promoting their lotteries more widely.
TNE: Thank you, Dr. Rao, for shedding light on the implications of this incredible story. It’s clear that winning a lottery is much more than a financial event; it’s a transformative experience that can impact both the winner and the community.
DAR: Thank you for having me! It’s a reminder of the hopes and dreams that lotteries represent and the importance of smart financial decisions.
TNE: Thank you to our viewers for joining us today. Until next time, remember that while luck plays a role, planning is key to making the most of any opportunity!