How to show this in computation

Interest paid on Housing Loan                 Rs.1,32,000/-

Income from Salary                                     Rs.1,60,500/-

Deductions u/s 80C                                    Rs. 22,040/-

Plz reply

Replies (6)

Income from Salary    Rs.1,60,500/-

Income from Hous property (Rs. 132000)

GTI  Rs. 27500

Less: 80C Rs. 22040

Total Income Rs. 5460

Tax Nil

1.INCOME FROM SALARY:

   Net Salary                                                                                 1,60,500

 

2.INCOME FROM HOUSE PROPERTY:

    Self occupied House(NAV)                     NIL

    Less: Int.on Hsg.Loan                       1,32,000                           (1,32,000)

                                                            ---------                           ------------

                                               Gross Total Income                            27,500

Less:Deductions Under Chapter VI A

           U/s 80 C                                                                               22,040

                                                                                                        -------

                                                  Net Taxable Income                        5,460 

                                                              Tax on above                       NIL

                                                                                                       =====

Yes Mr. Mukesh Dashrath Sir & Darshu r true provided the following assumption is made:

1) House Property for which the loan has been taken is self-occupied and the loan has been taken after 1.4.1999 and the loan is for construction of the property & not for repairs. (U can refer 2 the illustrations in the PCC Study Mat).

Thanks for this but can you tell me that in what ITR we fill for filing the return as per above situation
 

yes Darshu is right.

it will be treated like the computation prepared by darshu.

ITR 2 is used in above.....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details