Is the following Computation of Income of an NRI right for F.Y: 2009-2010 Please Comment it's very very urgent?
NRI Income in India is only Rental Income and Long term Capital Gains (have sold flat and shop and invested proceeds thereof in booking new flat). Investment in booking new flat is Rs. 38,60,000/- for 2009-2010. Owns on these two properties.
(1) Income from House property
(a) HP1- Rent: 1,86,000
Less: Deduction u/s 24(a) 30% 55,800
Less: Deduction u/s 24(b) 2,80,000
(Int. paid on HL 2,00,000 + 80,000 (1/5th installment of Interest paid during period of construction)
Income from HP1 (1,49,800)
(b) HP2- Rent: 2,68,000
Less: Deduction u/s 24(a) 30% 80,400
1,87,600
Income from HP2 37,800
Less: Last years Carried Forward
HP loss adj. 37,800
Income from HP - N I L -
(2) Capital Gains
(a) Property 1 (residential Flat)
Sales Proceeds 1,00,00,000
COA(after Indexation): 75,00,000
25,00,000
Less: Comm. To Agent
for sale 1,20,000
LTCG 23,80,000
Less: Exempt u/s 54 23,80,000
(Total Invested 38.60 lacs)
LTCP from P1 00.00
(b) Property 2 (Shop)
Sales Proceeds 20,00,000
COA(after Indexation): 15,00,000
LTCG 5,00,000
Less: Exempt u/s 54F 3,70,000
(Balance amount 14,80,000/- from
Total Invested 38.60 lacs)
Proportionate to be claimed u/s 54F (14,80,000 x 5,00,000/20,00,000 = 3,70,000)
Net Capital Gains chargeable to tax : 1,30,000
GTI (Incl LTCG) 1,30,000
Tax Payable: NIL
(Since GTI is only LTCG and below Basic Exemption Limit)
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