Investments made in india from salary received from outside
This query is : Resolved
04 June 2012
An assesse is working in UAE as a salaried employee and transfers his salary in NRI account maintained with hdfc in India. Out of this transfers he invests the sum in l.i.c. and mutual fund income. He also has parked the amount in F.D.R.. KINDLY ADVISE whether the income if any arising from the investments in mutual fund and interest in FDR is taxable and to be shown under which section of the Income tax Act, 1961
04 June 2012
Income from investment in MF is exempt from Tax and income from FDR is taxable in India u/s 56.
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