Hi. I have given 3lakhs to my relative since 2 years. And we have deal of 1% interest every month so monthly i get 12%.
I want to ask is there any tax rule for this income which we get by this way?
And the person gives me money in cash. So i have decided to take back my money and instead invest in any other investments like mutual fund as i don't want the interest in cash.
Is my decision is right?