Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2012
I am an individual person and I am getting salary 7,20,000/- per year, I have residential property and getting income 4,00,000/- per year and total my income 11,20,000/- per year. My employer deduct TDS on total my income. I have some loans (personal, property) I paid interest against loans, shall I take interest amount as an expenses side when I prepare balance sheet or when I paid income tax returns.
any body please clarify me.
any body please clarify me.
04 October 2012
From the salary income doesn't allowed any expenditure except prof. tax,HRA,Conveyance allowances etc... based on the eligibility No other deductions allowable for income tax purpose.
However House property income allows deductions of the following
1) municipal taxes(house tax only)
2) 30% standard deduction
3) interest on housing loan.
So interest paid on personal loans doesn't allowed as expenditure for your case. However interest paid on loans taken for the purpose of house property is allowable for deduction according to the section 24(b) under the head of income from house property.
OM SAI SRI SAI JAI JAI SAI
However House property income allows deductions of the following
1) municipal taxes(house tax only)
2) 30% standard deduction
3) interest on housing loan.
So interest paid on personal loans doesn't allowed as expenditure for your case. However interest paid on loans taken for the purpose of house property is allowable for deduction according to the section 24(b) under the head of income from house property.
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Form 121 & TDS deduction
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
