I have been investing 80% of my salary (post income tax deductions) in local chit fund for last five years and I got all the money back from chit fund this month.
Total money that I got back from chit fund is around 25 lakhs.
Do I need to pay tax for the amount which I got back from chit fund? If yes, how much tax do I need to pay and is there any way that I can reduce the tax payment?
Thanks in advance and I look forward for your response.