suggestion
This query is : Resolved
Querist : Anonymous
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
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
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.
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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