Computation of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2012
Dear Sir
I am a partner in partnership firm with my brother firm profit 10,00,000/- out of which my brother shows my salary for FY Rs. 350,000/-, Bank Int 25000/-, income from other source 25000/-, Rent paid Rs. 40000/- during the Year, Insurance Premium Rs. 77500/-, Medical policy premium 3500/- Advance Tax Paid Rs. 10000/-
Can I claim HRA Deduction Fro My salary Which is receive from my partner ship Firm,
What is maximum Limit?
Please Calculate my Tax Liability?
I am a partner in partnership firm with my brother firm profit 10,00,000/- out of which my brother shows my salary for FY Rs. 350,000/-, Bank Int 25000/-, income from other source 25000/-, Rent paid Rs. 40000/- during the Year, Insurance Premium Rs. 77500/-, Medical policy premium 3500/- Advance Tax Paid Rs. 10000/-
Can I claim HRA Deduction Fro My salary Which is receive from my partner ship Firm,
What is maximum Limit?
Please Calculate my Tax Liability?
Amol S Joglekar
(Expert)
24 September 2012
salary to partner is business income. You may claim 80GG instead of HRA 10(13A)
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