How can tax payable be reduced if Total Income is 15lac

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Shrikant Subramanian

Chartered Accountant

112 Points Posted on 29 June 2011

What is the minmmum tax payable if Total Income is 15lac . - (apply current slab system)

Assume he is an individual living in Mumbai in his own house, has a vacant plot in Banglore and a bunglow given on rent in Pune.He has parents and a housewife with 2 children.

Question is about minimising that tax apayable in some manner by availing basic exemptions.

Replies (5)

Vikas

1245 Points Posted on 29 June 2011

1)He can use the Sec.80C upto Rs.100000/- (+20000/- if the investment is made in the Central Govt. notified bonds) [Tution income can be claimed for the children)

2) if there is loan on the owned house then the loan interest upto Rs.150000/- under Sec.24(b) and the principal payment u/s.80C can be claimed and if bunglow is on rent then the same can be claimed against the income from house property.

3)if the parents are senior citizen, then the mediclaim paid can be claimed upto Rs.20000/- else upto Rs.15000/-, and if paid for self, spouse and childrenthen Rs.15000/- (only if not a senior citizen).

CA. Roopali Kadam

Jobs on assignment basis.

967 Points Posted on 29 June 2011

is 15 lacs rent from pune house . u will get 30% deduction for that. plz provide break up

U S Sharma

glidor@gmail.com

21670 Points Posted on 29 June 2011

best way to donate the fund to charity under sec 80G, and get rid off the mental agony.

@CS Siddharth Bumb.

B.Com CA Final CS

3805 Points Posted on 29 June 2011

Originally posted by : Vikas Vishwakarma
	1)He can use the Sec.80C upto Rs.100000/- (+20000/- if the investment is made in the Central Govt. notified bonds) [Tution income can be claimed for the children) 2) if there is loan on the owned house then the loan interest upto Rs.150000/- under Sec.24(b) and the principal payment u/s.80C can be claimed and if bunglow is on rent then the same can be claimed against the income from house property. 3)if the parents are senior citizen, then the mediclaim paid can be claimed upto Rs.20000/- else upto Rs.15000/-, and if paid for self, spouse and childrenthen Rs.15000/- (only if not a senior citizen).