Hi
We have a court matter regarding a property (land) running for around 3 decades. Now it is due to be mutually settled outside court for a compensation amount of Rs. 30,00,000/-. My 3 brothers being the parties to the case will receive 4 lakhs each as their share of compensation. They have decided to receive the same by means of DD.
Now, me being the main party will receive the remaining sum of around 27 lks. Pls guide me in detail as to what mode to receive the money in? Cash or DD or something else? What would be the safest?
Also what percentage of tax will be deducted if I deposit the amount in the bank? And what kind of deposit to make so as to get the highest rate of interest?
Also guide me regarding other safe and profitable means of investment other than bank deposits?
Thanks
1. DD or any banking mode....
2. The amount received would be chargeable to income tax individually, though it depends upon nature of loss occurred..
3. Investment and return over the same depends upon time period, risk factor involved, age factor of investor etc. etc... For that you may consult any local financial adviser..
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