Filling first income tax return (previous balance)

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Till the date I have not file the return. I wish to file a Income Tax Return from F.Y. 2014-15. I have a Fixed Deposit at Nationalised Bank of Rs 7 Lac, I received the interest on that of Rs 50,000. Due to my father death, my family members & me give my father home to my uncle & my uncle give me Rs 7 Lacs of that home. 

Please suggest / advice that, how many tax I will be liable to pay for filling of IT return... OR... any other solution to save the tax... 

Replies (1)

You are not liable to pay tax on interest income of Rs 50,000 (Assumed that you have not aby other income). Tax deduct at source by bank on your interest on FD will refund after filing return of your income. 

 

You have sold house property therefore, CAPITAL GAIN arise. If it's long term in nature therefore, required indextion calculation. You have not given required info for calculation..better you take advise of any professional.

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