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I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees) and already transferred to my NRE account in India.

My questions are:

  1. Is this amount taxable in India? If yes then how much I have to pay as tax.(I had heard that money from Gulf is non taxable in India, Is there any form or document I have to submit to bank to avoid tax?)
  2. How to fixed Deposit this money from Saudi Arabia or from India through my husband or parents?
  3. If I put this money in 2-3 FD's (like 5 lakh one FD and 2 or 3 lakh other FD's) then the interest earned is taxable? Can I withdraw any FD without maturity if needed in urgent?
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Assuming you are NRI, any income you earn is not taxable in India whether you transfer to India or not.

Is this amount taxable in India? If yes then how much I have to pay as tax.

No it is not taxable.

How to fixed Deposit this money from Saudi Arabia or from India through my husband or parents?

You can open Fixed Deposits in your name or your husband/parents name. It is your choice. Some Banks allow you to operate an NRE account via Internet

If I put this money in 2-3 FD's (like 5 lakh one FD and 2 or 3 lakh other FD's) then the interest earned is taxable?

Interest is taxable.

Can I withdraw any FD without maturity if needed in urgent?

That depends on type of FD you have opened. Some allow withdrawal before maturity with a penalty other don't allow.

protected by Community Apr 18 '16 at 9:08

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