Income tax computaion
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2013
My UNCLE GROSS SALARY 950000 sEC80 c 100000 TAKE DEDUCTION SEC80 D 15000DEDUCTION TAKAN BUT MY qUSTION S THEY PAID INT ON HOMR LOAN IS 110000 CAN WE TAKE THIS LOAN AMT FOR DEDUCTION FROM DIRECT GROSS SALARY IF TAKE WHAT IS LIMIT FOR AY 13-14 & 14-15
26 March 2013
Yes, he can claim such deduction of interest on housing loan u/s 24(b) under the head income from house property by showing housing property loss compute your income as follows
Income from Salary:
Taxable salary 9,50,000
Income from House property:
ALV(Assumed Self occupied) 0
Less: Int on HL 1,10,000
Net taxable income from HP (1,10,000)
Gross total income 8,40,000
Less: chapter VIA deductions 1,15,000
(U/s 80C 1,00,000 + u/s80D 15000)
Total taxable income 7,25,000
So on Rs. 7,25,000 compute tax liability.
If self occupied house then interest on housing loan deduction allowable upto Maximum of Rs. 1,50,000 per assesseee u/s 24(b) in case of let out property then unlimitted.
For both the assessment years same limit applicable.
OM SAI SRI SAI JAI JAI SAI
Income from Salary:
Taxable salary 9,50,000
Income from House property:
ALV(Assumed Self occupied) 0
Less: Int on HL 1,10,000
Net taxable income from HP (1,10,000)
Gross total income 8,40,000
Less: chapter VIA deductions 1,15,000
(U/s 80C 1,00,000 + u/s80D 15000)
Total taxable income 7,25,000
So on Rs. 7,25,000 compute tax liability.
If self occupied house then interest on housing loan deduction allowable upto Maximum of Rs. 1,50,000 per assesseee u/s 24(b) in case of let out property then unlimitted.
For both the assessment years same limit applicable.
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2013
thanks to revert back
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