I am contributing cash every month for a Chit run by an individual locally in our town market.
Now I received lump sum cash of 5 Lakhs (Five Lacs). Kindly tell me where to invest this 5 Lakhs Cash. I have the following options & Questions.
1) Put in Postal Savings Account which gives 3.5% fully tax exempted interest.
2) Buy Gold.
3) Pay income tax by showing this as "Income from Other Sources". I do not own any property. I do not have any documentation.
If I declare this as Income from Other Sources, what I should say for the source. I do not own any property / have documentation for this 5 lakhs cash.
Kindly give me some ideas the best way to invest the lumpsum of 5 Lakhs Cash.
Asogan
Tiruttani, Tamilnadu
CAclubindia
