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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2013 thanks to revert back

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