Total income
This query is : Resolved
23 August 2012
If a person has income from salary Rs.12 lakh and he paid a instalment of Rs. 5 lakh of housing loan which include Rs. 2 lakh of Principal amount and rs. 3 lakh for interest on housing loan,. what is the total income of that person.
23 August 2012
for calculating correct taxable salary, need to provide complete break up
with given data, you can claim Rs.1.lakh u/s.80C housing loan principal & Rs.1.50 maximum as Housing loan interest (if house is self occupied ) so net income after considering this two is Rs. 9.5 lakhs
In case house is let out need to calculate income from house property also with considering full deduction of Housing interest Rs. 3 lakh u/s.24b
with given data, you can claim Rs.1.lakh u/s.80C housing loan principal & Rs.1.50 maximum as Housing loan interest (if house is self occupied ) so net income after considering this two is Rs. 9.5 lakhs
In case house is let out need to calculate income from house property also with considering full deduction of Housing interest Rs. 3 lakh u/s.24b
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Free lancer income
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
