Salary tds

This query is : Resolved

praful (Querist)
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29 November 2013 I am staying in companies house total gross salary income including perqusites is 1757400/- for the Financial year 2013-14, I also owns house given on monthly rent of Rs. 13750/- and paying housing loan. total interst paid is rs. 250000/- & Rs. 100000/- towards Principle , kindly compute my tax liability

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 November 2013 How much Principal has been repaid during the year ? You have not mentioned it. Without claiming the Principal Amt Repaid -
correct tax Computation can not be made.
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You can claim 30% Standard Deduction from your Net annual Value and can claim full interest of 250000/- against the property income.
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Loss from the property Income can be set off against Salary Income.
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