House prooerty Taxation Querry

your house property income will be 20600 (18540+2060) and tax will be computed on this amount

20600 per month

your total income for the year will be 20600*12 = 247200

Less 30% deduction = 74160

Taxable income of House Property = 173040

Being an individual for A.Y. 2011-2012, basic exemption to you will be Rs. 160000

you have to pay tax of Rs. 1304 + cess 3% = 1343

TDS deducted by company = (2060*12) = 24720

Refund = 24720-1343 = 23377

you should apply for lower deduction of tax u/s 197 in subsequent years as your TDS is deducted at a higher rate then average rate of tax in your case.

Dear Mehta ,

                           The selfleas Amount have already Taxed as perks in my salary and tax have been also deducted by company & same has been deposited , How can i  get the benefit of tax deducted by company from the self Lease Amount & the house for which i am taking Self Lease is taken by me as self occupied .

Dear Mr Gopal,

What I have understood is - You have given your own self occupied house on lease to your employer company. They pay you for lease at Rs. 18540 net of TDS of Rs. 2060.

You have to provide details of your perquisites. what is taken as perqs.

Is TDS deducted from salary as well ?

Kindly elaborate your query.