Tds on salary
This query is : Resolved
06 January 2012
Dear Sirs,
One of the my friend he is working in private concern. He is received HRA 15000/- per month. He is working area is covered metro area. He is paying rent Rs.14000/- per month. But is having own house in other state and he is repaying housing loan with interest. He is claiming housing loan interest at the time of computation of income. Please advise he is eligible for HRA Exempted? .
T.S.PARTHASARATHY.
One of the my friend he is working in private concern. He is received HRA 15000/- per month. He is working area is covered metro area. He is paying rent Rs.14000/- per month. But is having own house in other state and he is repaying housing loan with interest. He is claiming housing loan interest at the time of computation of income. Please advise he is eligible for HRA Exempted? .
T.S.PARTHASARATHY.
19 January 2012
In such a case, he will have to show his own house as deemed to be let out and offer it for tax under the head Income from House Property. Income shall be computed as under:
Fair Rental
Less: Municipal Taxes
Gross Annual Value
Less: Deductions u/s 24
(i) 30% of GAV
(ii) Interest on borrowed capital
He will also be eligible to claim deduction in respect of HRA.
Fair Rental
Less: Municipal Taxes
Gross Annual Value
Less: Deductions u/s 24
(i) 30% of GAV
(ii) Interest on borrowed capital
He will also be eligible to claim deduction in respect of HRA.
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