What is the treatment of Home Loan repayment to Salary?
This query is : Resolved
Akshay Nayak
(Querist)
21 March 2011
If A gets a gross salary of Rs.6 Lakh per annum and repay his Home loan app.300000/-, what should be the treatment to calculate TDS on Salary? Please advice.
Jainish shah
(Expert)
21 March 2011
maximum deduction is Rs.100000 u/s 80C. So taxable salary will be Rs.500000( i.e. 6L-1L max)
calculate tax on Rs.500000 and deduct tax accordingly.
calculate tax on Rs.500000 and deduct tax accordingly.
CA. Lohith Jagadeesh
(Expert)
24 March 2011
Hi,
Kind off agree with the Expert as it may be subject to Other Deductions under Chapter VIA as well.
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Kind off agree with the Expert as it may be subject to Other Deductions under Chapter VIA as well.
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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