INDIVIDUAL IT CALCULATION FOR THE FINANCIAL YEAR 2019-20

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This discussion seeks clarification on Income Tax calculations for the financial year 2019-20, specifically regarding maximum deductions. Key questions include claiming principal and interest for two properties, medical expenses for in-laws for female taxpayers, and standard deductions for HRA and women taxpayers. The aim is to understand all possible deductions to optimise tax liability for that specific year.

VIJAYALAKSHMI K

VIJAYALAKSHMI K (Querist)

25 February 2020 Hi'

I would like to have clarity on the following with respect to Income Tax calculation for the financial year 2019-20:

1) What is the maximum deductions that shall be shown
2) Shall we claim Housing Loan - Principal / Interest for 2 properties at a time
4) Shall we claim medical expenses of in-laws for a women tax payer
5) Standard deductions for HRA
6) Standard deduction for women employer
7) Any other standard deductions that shall be claimed

Any one pl. support me

Amol S Joglekar

Amol S Joglekar (Expert)

25 February 2020 You calculate the income tax under both the option and whichever is beneficial to you, you can opt for the same

VIJAYALAKSHMI K

VIJAYALAKSHMI K (Querist)

25 February 2020 I require details for the financial year 2019-20 (not for 2020-21).

Pl. advise.

Amol S Joglekar

Amol S Joglekar (Expert)

25 February 2020 06 standard deduction for woman 50,000

Amol S Joglekar

Amol S Joglekar (Expert)

25 February 2020 05. least of following is exempt
a. HRA received
b. 40% of salary ( 50% for house situated at mumbai, kolkata, delhi chennai)
c. rent paid in excess of 10% salary

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