After seeing this forum and replies by experts I decided to post my question here... let me give little back ground here. I lived past 8 yrs out of country and I moved back to India few months back. I bought a duplex house in 2008 for 40 lacs including registration and I'm planning to sell it now. Current market price is 50 lacs. And I want to convert this amount into FD/MIS so that I can use of Interest money for monthly maintenance. I'm not doing any job now. here are my questions..
1) how much tax do I have to pay on 50 lacs.
2) Is there any IT problems having that much amount in FD?
Much appreciated for your responses.