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