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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2010 If a person has a rental income of Rs. 16 lakhs per annum. He has taken a
loan of Rs. 1.50 crore from the bank. He has to pay EMI of Rs. 1.42 lakh
every month. He has a salary income of Rs. 3 lakhs and interest income of
Rs. 4 lakhs per annum. He pays insurance premiums of Rs. 1.20 lakhs per
annum. Prepare his income tax return by claiming all the deductions
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CA. R. B. SAH

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CA. R. B. SAH (Expert)
19 December 2010 Income from salary 3 lacs
from house property 16lacs
Less:30% 4.8lacs 11.2 lacs
from other sources 4 lacs

Total Income 18.2 lacs
Deduction 1 lacs

Taxable Income 17.2lacs

Tax payable at applicable slab rate to the asseesee & A.Y.

Sir, I have assumed that your loan is other than housing loan. Therefore it is not relevant. Also you have not mentioned principal & interest amount paid by you.
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