Total number of items allowed in sharepoint list

Question

Can we have more than 100k - million items in SharePoint List?

Answer 1

If by 10 Lakh you mean 1 million, then yes you can have 300 Lakh maximum (recommeneded)

http://blogs.msdn.com/b/markarend/archive/2010/05/18/sharepoint-2010-list-and-library-size.aspx

I would recommend storing elsewhere if you're approaching even half that number.