Deduction under income tax

Harendra Kumar (Tax Advisor ) (1326 Points)

30 September 2014  



I am facing a problem regarding Income Tax return i.e. can I claim both deduction under section 24(b) and 80EE (150000 and 100000), if possible then how can I show return in this regard.

My Income is 3100000, interest paid on borrow capital excess Rs. 1,50,000/- and also repaired/construction/interest on capital paid excess Rs. 1,00,000.00 in this regard can I claim same amount as deduction Rs. 2,50,000.00 or not


Computation of Income 

Income from business or Profession                         4,10,000.00

Income from house property                                     --1,50,000.00

(borrowed Interest)     

Balance Income                                                          2,60,000.00                                 

Less: deduction u/s 80-EE                                      1,00,000.00

Net Taxable income                                                 1,60,000.00

Tax Payable                                                                    NIL 

Further we are awaited your repy in this regard your highly appreciated. 

Thanking you,