Query in computing total income of individual.

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This query is : Resolved

Madhuvanthi Rangarajan (Querist)

14 March 2014 hi...an individual is drawing an salary income of 10,00,000 a year,he claims 80C deductions(i.e tuition fee and life insurance premium)..he owns two HP out of which one is self occupied property for which he pays EMI of RS.120000/year(principal portion RS.60000)and another is a let out property for which he pays EMI of RS.348000/Year (approx)(principal portion RS.70000)..my query is
1.for the let property can he claim the full amount of interest paid by him for the same property without any limit

2.can he claim municipal tax paid by him for both the properties

3.and 30% flat deduction u/s24 for let out property.

4.can he claim only RS.30000(interest for the self occupied property)as deduction u/s 24 for self occupied property??

5.he also claims 80C deduction for tuition fee of RS.70000,insurance premium of RS.35000 and principal repayment of housing loan but it is subject to a limit of RS.100000, can he claim this as a deduction under some other section of income tax act.
thanks for all....

Amol S Joglekar

Amol S Joglekar (Expert)

14 March 2014 01. yes, he can claim full amount of interest.
02. yes, he can claim the municipal taxes, respectively
03. 30% flat deduction can be claimed.
04. date of completion of house property will decide whether the interest deduction limit is 30,000 or 150,000
05. No

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