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tax planning

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Going...to be C.A soon...
1624 Points Joined June 2007

respected all,

i want to know about tax planning of a general man who have income of Rs. 350000

can i save tax u/s 80c(100000), 80D(15000) and what about house loan interest is it 30000

 

 

thanks

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On 01 October 2007 at 09:54 Report
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Guest
458330 Points Joined August 2012
you can take deduction of interest loan u/s 24, (income from house property)
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On 01 October 2007 at 10:14
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Program Manager
5910 Points Joined August 2007
Interest of Housing Loan can be cliamed as dedcution u/s24
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On 01 October 2007 at 11:13
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TaXpert
15126 Points Joined September 2007
Hello Gaurav, you can take all the deductions you have mentioned and even you can take upto 1.5 Lac Interest on HP loan if property is self occupied and Principal repayment of HP loan in 80C upto maximum 1 Lac
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On 01 October 2007 at 11:15
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Program Manager
5910 Points Joined August 2007
In continuation of Mr Maheshwari's comment subject to a ceiling of Rs.30,000/- ( if the property is acquired or constructed with capital borrowed on or after 1.4.1999 and if the acquisition or construction is completed before 1.4.2003, the interest allowable as deduction will be Rs.1,50,000/- instead of Rs.30,000/-).
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On 01 October 2007 at 11:35
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student
306 Points Joined August 2007
hi gaurav you can clime as a deduction U/s 24(ii) interest on house loan in addition to the above mentioned deductions . but you have to give annexure to the return statement of house property loss and interest statement from the bank .
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On 01 October 2007 at 11:40
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Program Manager
5910 Points Joined August 2007
Also you need to attach the IT Certificate from the Loan giving Institutions
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On 01 October 2007 at 12:34
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Consultant
18525 Points Joined March 2007
If that particular property which you have got housing finance, is let out you can claim the entire Interest you have paid, there is no ceiling limit but the respective house you can not claim the principal portion in u/s 80C.
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On 01 October 2007 at 13:06
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Program Manager
5910 Points Joined August 2007
Ravi, Sorry but can u please frame the words for the comments, i m bit lost
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On 01 October 2007 at 14:52
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C A
169 Points Joined June 2007
u Can save 80C and 80 D and also interest 30000 is it is a SOP full interest can be claimed if it is LOP
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On 02 October 2007 at 18:45
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Guest
458330 Points Joined August 2012
best coaching
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On 02 October 2007 at 20:50

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