Hello all,
Please help me to calculate the tax of the following person..
Gross salary =85000
LIC investment 24000 p.a
House loan repayment 17700 pm
fees/tuition paid for son 10000 pm
fixed deposit certificate of PNB purchased 32000
Joined on 1.10.2014 ITR to be filed for Fy 2014-15
No breakup of salary is provided so far so what would be the proper breakup for this salary and final tax amount computed thereafter ... IGNORE TDS
Information given is incomplete, though I ll try to give you answer. Assuming his total Salary income for the FY 14-15 is 85000, there is no tax applicable. Assuming his monthly income is Rs.85000 and he receives salary for 6 months, total salary would be Rs.5,10,000/- . Assuming Housing loan repayment includes 7000 towards principal and balance towards interest, deduction can be claimed under 80C 7000 X 12 = 84000 and under house property towards interest Rs.128400/- . LIC, FD (assuming for 5 years) and tution fees totals to Rs 66000/- claimable under 80C.
So total income 510000 less 80C deduction 150000 less Housing Loan interest deduction 128400 = Rs.231600/- . No tax is payable.
Hope this would help and correct me if i am wrong.
Thank you for solving it...but i want to know about the deduction eligible for tuiton fees paid for his son 10000 pm but you have considered only 10000 while calculating the deduction under 80C..Can you please make me clear about this?? Also the deduction under 80C as well as repayment of housing loan would be taken for the whole year or only six month since his total income is only for six month..?
Hoping for your adivice soon..
CAclubindia
