House loan interest deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 May 2012
MY GROSS INCOME OF FY 2011-12 IS 262226 RS.
I HAVE PAID RS. 155000 AS A HOUSE LOAN OUT OF WHICH INTEREST IS 46630 RS AND RS. 108370 IS REPAYMENT OF HOUSE LOAN..
WHAT WILL BE MY TAXABLE INCOME FOR FY 2011-12
I HAVE PAID RS. 155000 AS A HOUSE LOAN OUT OF WHICH INTEREST IS 46630 RS AND RS. 108370 IS REPAYMENT OF HOUSE LOAN..
WHAT WILL BE MY TAXABLE INCOME FOR FY 2011-12
09 May 2012
Considering that there is no other investment made by you, the taxable income for FY 2011-12 as per details given by you works out to Rs 115596/-.
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Ravi Jhamb
(Expert)
09 May 2012
Gross Total Income - 262226
Less:- Int on house loan - -150000
Taxable Income = 112226
Less:- Int on house loan - -150000
Taxable Income = 112226
Guest
Guest
(Expert)
09 May 2012
Agree with Swasti.
Taxable income is Rs 115596
Ravi.. interest on housing loan is Rs 46630 only and Rs 1 lakh will be towards principal repayment.
Taxable income is Rs 115596
Ravi.. interest on housing loan is Rs 46630 only and Rs 1 lakh will be towards principal repayment.
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