18 December 2010
If a person has a rental income of Rs. 16 lakhs per annum. He has taken a loan of Rs. 1.50 crore from the bank. He has to pay EMI of Rs. 1.42 lakh every month. He has a salary income of Rs. 3 lakhs and interest income of Rs. 4 lakhs per annum. He pays insurance premiums of Rs. 1.20 lakhs per annum. Prepare his income tax return by claiming all the deductions
19 December 2010
Income from salary 3 lacs from house property 16lacs Less:30% 4.8lacs 11.2 lacs from other sources 4 lacs
Total Income 18.2 lacs Deduction 1 lacs
Taxable Income 17.2lacs
Tax payable at applicable slab rate to the asseesee & A.Y.
Sir, I have assumed that your loan is other than housing loan. Therefore it is not relevant. Also you have not mentioned principal & interest amount paid by you.
CAclubindia
