Yes, it is a tropical hibiscus. Don't over water it, it looks like the place you bought it from hasn't been watering it very well, the soil should be moist, but not wet all the time. It loves the sunshine, so put it out where it will get a lot of sun.

Thanks. So the yellowing of the leaves means lack of water?

jamil,

no, it means whoever took care of the plant previusly before you bought it didn't water it properly. That's all. They will get yellow leaves if you water too much, don't water enough, bugs, lol, but it will be fine now that you will take care of it. Just don't water it too much, let it dry out a little between waterings.