09 August 2010
dear sir, plz advice me in tax cal. in belo figures of house loan from icici bank
emi amt. 91162 principal component 5590 interest component 85572 in this fig. how much tax will be exempt ?? & how much taxable ???????
as per my knowledge:- as per house property NAV - nil ded. u/s 24 30000.00 ---------- 30000.00 esempt amt. 30000/-, taxable (85572-30000=55572)
deduction u/s 80c 5590 principal component, but some person says u/s 80c exemption will be 91162 so , pls guid me how much amt.will be taxable ????????
09 August 2010
YOU WILL DEDUCTION U/S 80C ONLY FOR PRINCIPAL COMPONENT I.E 5590/- SUBJECT TO LIMIT OF RS.100000/-
FOR INTEREST PROPORTIOAN INCOME FORM HOUSE PROPERTY WILL BE NEGATIVE I;E YOU WILL CLAIMED INTERST PORTION AS LOSS WHICH WILL BE SET OFF BY OTHER INCOME HEAD AS PER PROVISION OF SET OFF .
09 August 2010
sir, can 85572 deduct in his salary income suppose his basic salary is 304427 per year - 85572 = 218855 for tax calculation & guide me is 85572 in u/s 80c or loss in house property ????
09 August 2010
YES, YOU CAN SET OFF WITH SALARY INCOME IF YOU HAVE SHOWN IT SELF OCCUPIED HOUSE AND NOT CLAIM HRA EXEMPTION. RS.85572 WILL BE SHOWN AS LOSS IN HOUSE PROPERTY IN FORM 16.
09 August 2010
You can claim HRA also only if such house on which you are claiming interest dedcution is not occupied by due to employement. ie. it is different city or it is very far distant from your office. due to this you have to taken a house rent . Otherwise you have not entitled to claim HRA, if you are staying in this house.
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