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.
No, Tax is not applicable on total amount. you have to pay tax only on intrest paid on your deposit.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
| Originally posted by : Abhishek Ranjan Singh | ||
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No, Tax is not applicable on total amount. you have to pay tax only on intrest paid on your deposit. Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615 Note : If you find our reply useful. Please Score us by clicking on "THANK USER" |
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