Hosue rental income & income tax applicability

188 views 2 replies

Dear Respected Friends

My age is 51, Male, so not going to jobs

My planned income for Ap2016-Mar2017

  1. SB account interest income Rs 4000 pa
  2. Rental income from my Apartment xyz Rs 1,50,000 pa (I am staying in my own Apartment-ABC)
  3. Both Apartment purchased with Ready cash (no bank loan)
  4. FD interest Rs 15000 pa

Please let me have your valuable advises about  income tax applicability to the above headings

 

Adv thanks

Cheers

Balaji Subbu

Replies (2)
Sir,
As per finance act ,now there is tax exemption for individual below 60 yrs is 300,000

as u stated ,your income is less than exemptions.

your total taxable income,
income from house property =105000/ (after stand .dedu @ 30%)

income from the other sources will be 15000/_

saving bank account interest will be exempteed us 80tta

total taxable income=12000/-
Total taxable income will be Rs.120000/-


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