18 August 2012
my freind from uttarakhand ( kashipur) Income from House Property Calculation COMPUTATION OF INCOME FROM LET OUT HOUSE PROPERTY Gross Annual Value xxxxxxx Less: Municipal Taxes xxxxxxx Net Annual Value xxxxxxx Less: Deductions under Section 24 - Statutory Deduction (30% of NAV) xxxxxxx - Interest on Borrowed Capital xxxxxxx Income From House Property xxxxxx My emi is 30000 (25000+5000) plz fill my calculation.
19 August 2012
if 25000 is principal and 5000 is interest then Interest on Borrowed Capital 5000*12 = 60000 deduction under H/P (u/s. 24) shall be claimed 25000*12= 300000 if house is given on rent if self occupied the 100000 shall be claimed as principal repayment u/s. 80c
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