hi,
My mother had invested Rs 10 lakhs in ULIP funds without proper awareness . Recently because of all time rise in the stock market , I had taken out the funds . I have following questions
1. The invested amout was Rs 10 lkhs and the returned amount was 10,77,000 . Will I have to pay tax ,if I am reinvesting the complete amount?
2. I want to reinvest the complete amount for about 5 years to get good gains but at the same time I dont want to lock the amount for 5years (in case of any emergency)
3. My mother has already FDs in her name , can you suggest me other investmestment which yields higher results and at the same time saving tax
4. I have a sister who will be turning 18 this year , so can I used to my advantage to save tax by investing under her name ?
5. I and my sis are still studying so please keep this view point while giving ideas.
6. Also till I invest in something , IF I add it in flexi-FD , they will be cutting some amount when I break it . This amount which they will cut will be on PRINCIPLE OR THE INTEREST WHICH amount gained in those days?