03 February 2009
I have gained a short term gain by sale of Residential Property in less than 3 years.
I earned Rs. 2.50 lakhs. I have paid interest on housing loan of Rs. 54,953/- as interest in year 2008-2009. and Rs. 33,033/- as in in the previos year (07-08).
I have also spent Rs 65000/- of Repairing and redoing of house in the current year for that also I have taken a loan from HDFC. Other expense for aquiring the house are registration and Stamp duty of Rs. 23000/- and Property tax paid to Municipalty is Rs. 5000/- My net income from salary is Rs. 166000/- please help me to calculate my tax liability. I have paid Rs. 6000/- as interest on loan taken for repairing.
CAclubindia
