House loan interest deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2012 MY GROSS INCOME OF FY 2011-12 IS 262226 RS.
I HAVE PAID RS. 155000 AS A HOUSE LOAN OUT OF WHICH INTEREST IS 46630 RS AND RS. 108370 IS REPAYMENT OF HOUSE LOAN..

WHAT WILL BE MY TAXABLE INCOME FOR FY 2011-12

swasti

swasti (Expert)
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09 May 2012 Considering that there is no other investment made by you, the taxable income for FY 2011-12 as per details given by you works out to Rs 115596/-.

Message likes : 1 times

Ravi Jhamb

Ravi Jhamb (Expert)
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09 May 2012 Gross Total Income - 262226
Less:- Int on house loan - -150000

Taxable Income = 112226

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Guest

Guest (Expert)

09 May 2012 Agree with Swasti.

Taxable income is Rs 115596

Ravi.. interest on housing loan is Rs 46630 only and Rs 1 lakh will be towards principal repayment.