Will that money be taxed? The money coming in to this account from USA is used basically to pay for my parents monthly living and maintenance expenses – like phone/electricity bills. This account is in my sole name and no joint account with parents – normal savings account – and is different from my salary account.
Would the annual sum of Rs 1,20,000 be exempted from my income tax? What are the formalities for the same?
I am bit confused. What are the best investment plans? And what about fix deposit, will I have to pay income tax on F.D ?
I worked in a PSU company from August 2006 to December 2007. Till now i did not file any returns. Tax was deducted from my salary by my company on monthly basis after calculating my income. Now for 2006 – 2007 how can I file returns.
I will not be taking loan to buy these properties.