Deductions under section 24
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2010
My salary income is Rs. 2,85,000.
I have paid Rs. 70,000 as interest on home loan and Rs, 5,000 Principal of home loan.
I have further invested Rs. 50,000 in LIC.
How to calculate tax liability.
rlchoudhary1@gmail.com
I have paid Rs. 70,000 as interest on home loan and Rs, 5,000 Principal of home loan.
I have further invested Rs. 50,000 in LIC.
How to calculate tax liability.
rlchoudhary1@gmail.com
CA Anil Kumar Tadaka
(Expert)
16 February 2010
Under Sec.80C u will get deduction of RS.55000 and under Sec.24 u get deduction of Rs.70000. U can show 70000 as loss from house property. Ur Tax will be Zero because:
Income from Salary 285000
Loss from House Property (70000)
Gross Total Income 215000
Less: Deductions U/s.80C 55000
Taxable Income 160000
For Asst Year 2010-11,
Income upto Rs.160000 tax is Nil
(along with the above 80C deductions u also get PF deuctions U/s.80C)
Income from Salary 285000
Loss from House Property (70000)
Gross Total Income 215000
Less: Deductions U/s.80C 55000
Taxable Income 160000
For Asst Year 2010-11,
Income upto Rs.160000 tax is Nil
(along with the above 80C deductions u also get PF deuctions U/s.80C)
Message likes :
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CA Prashant Gupta
(Expert)
16 February 2010
agree with CA Anil
CMA Ramesh Krishnan
(Expert)
16 February 2010
Agree tax is Nil
CA Ravi Sisodia
(Expert)
16 February 2010
TAX = Nil
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