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.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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