16 February 2010
Under Sec.80C u will get deduction of RS.55000 and under Sec.24 u get deduction of Rs.70000. U can show 70000 as loss from house property. Ur Tax will be Zero because: Income from Salary 285000 Loss from House Property (70000) Gross Total Income 215000 Less: Deductions U/s.80C 55000 Taxable Income 160000
For Asst Year 2010-11, Income upto Rs.160000 tax is Nil (along with the above 80C deductions u also get PF deuctions U/s.80C)
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