TDS on salary

income under salary-1200000

income under house property-2160000

Less : deduction U/s 24 Interest repayment 150000(max.)

Total Income 3310000

Less: DeductionU/s 80C max upto 120000/-120000

U/s 80D (mediclaim) 15000

Taxable Income 3075000

Upto 160000                            Nil

160001 to 300000              15000 (10%)

 300001 to 500000              40000(20%)

balance Rs. (3075000-500000)

2575000                                 772500 (30%)

Net tax to be deducted Rs. 827500

Monthly tax to be deducted.... Rs. 68958/-

Best Regards,

ratan

Dear Ratan,

I think u 4gt to provide for deduction of 30% on rental Income.

Further, is it possible, if we consider other property DLOP to get allowability of whole Interest expense.

Also, in case a person is holding only 1 prop and earning rent on it, is it possible to say that it is SOP?

Thanking u in advance.

Yes, standard deduction @ 30% is allowed from income from house property.  Thnx for reminding me that Important point. It is not possible to say that property as SOP if we  earn rent on it, coz it is not holding by us wholly for the purpose of our occupation (resident purpose).......

regards,

ratan

I think he calculate properly but he recived rental income 180000 per annum

& he taking per month....Plase rectify that ....

income under salary-1200000

income under house property-180000

less: Standard deduction @ 30%on  Rs. 180000/-  :   54000/-

Less : deduction U/s 24 Interest repayment 150000(max.)

Total Income :                                                     1176000

Less: DeductionU/s 80C max upto 120000/-120000

U/s 80D (mediclaim) 15000

Taxable Income :                                                 1041000

Upto 160000                            Nil

160001 to 300000              15000 (10%)

 300001 to 500000              40000(20%)

balance Rs. (1041000-500000)

541000                                 162300 (30%)

Net tax to be deducted Rs. 217300

Monthly tax to be deducted.... Rs. 18108/-

Best Regards,

ratan

Thanks for your reply sir.

thnx.........

Thanks..............................