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
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. . You can claim 30% Standard Deduction from your Net annual Value and can claim full interest of 250000/- against the property income. . Loss from the property Income can be set off against Salary Income. .
CAclubindia
