Total income

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Imran Rangrej (Querist)
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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

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