Salary calculation

Tax planning 492 views 3 replies

MANISH

Student

82 Points Joined September 2010

one salaried person. who has near1.25lac p,m salary has doing job in vadodara and has rented house in vadodara ..company give HRA 27000PM ... he has own 2 houses one in jaipur and another in navsari ... both r on loan ..and both r given on rent ... from jaipur house he get 16000 rent and pay loan emi 8500 and from navsari house he get 22000 pm rent and paid home emi 30000 pm so how can we calculate his salary and income from house property

what is benificial way to calcualte it

Replies (3)

@VaibhavJ

Believe!! Live your dreams!

33521 Points Joined November 2008

You can show both house as rented out & claim all Interest paid as deduction without cap of 1.50 lacs.

Also you can claim HRA for rent paid by you.

Thanks

Mihir

Wealth Manager

5293 Points Joined December 2008

Declare to your employer the rent paid by you to avail HRA deduction.

Show rent received under income from house property and avail deduction of 30% plus actual interest paid for home loan.

MANISH

Student

82 Points Joined September 2010

thanks thanks thanks now other problem is that one employee has salary basic 68000, d.a.2000 p.m now he live in rented house in surat he has own house in mumbai given on rent no loan is running... he purchase second house in surat and get possession in jan 2014 (loan start from may 2013) his is working in village near surat (26km far from surat ) so what is beneficial calculation for him