TAx exepmtion

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lokesh kvgb (Querist)
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17 June 2011 myself a salary earner
I have rental income of Rs 60000/-
I am hearing impaired of one ear more than 75%
what are the exemptions available to me.
and the forms/ procedures to be followed. please guide me

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 June 2011 1. U/s 80U, From Gross Total Income, a deduction of Rs. 50000/- is available specifically to persons with disability.
2. In case of Rental Income of Rs. 60000/-
Standard Deduction @30% is available to all the assessees. Income Rs 42000/ will be taken as Income from house property.
3. You may get usual benefits under chapter VIA, like LIC, PPF, Medi-claim etc.

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