tax calculation
This query is : Resolved
09 August 2010
dear sir,
plz advice me in tax cal. in belo figures
of house loan from icici bank
emi amt. 91162
principal component 5590
interest component 85572
in this fig. how much tax will be exempt ?? & how much taxable ???????
as per my knowledge:-
as per house property NAV - nil
ded. u/s 24 30000.00
----------
30000.00
esempt amt. 30000/-, taxable (85572-30000=55572)
deduction u/s 80c
5590 principal component, but some person says u/s 80c exemption will be 91162
so , pls guid me how much amt.will be taxable ????????
plz advice me in tax cal. in belo figures
of house loan from icici bank
emi amt. 91162
principal component 5590
interest component 85572
in this fig. how much tax will be exempt ?? & how much taxable ???????
as per my knowledge:-
as per house property NAV - nil
ded. u/s 24 30000.00
----------
30000.00
esempt amt. 30000/-, taxable (85572-30000=55572)
deduction u/s 80c
5590 principal component, but some person says u/s 80c exemption will be 91162
so , pls guid me how much amt.will be taxable ????????
09 August 2010
YOU WILL DEDUCTION U/S 80C ONLY FOR PRINCIPAL COMPONENT I.E 5590/- SUBJECT TO LIMIT OF RS.100000/-
FOR INTEREST PROPORTIOAN INCOME FORM HOUSE PROPERTY WILL BE NEGATIVE I;E YOU WILL CLAIMED INTERST PORTION AS LOSS WHICH WILL BE SET OFF BY OTHER INCOME HEAD AS PER PROVISION OF SET OFF .
FOR INTEREST PROPORTIOAN INCOME FORM HOUSE PROPERTY WILL BE NEGATIVE I;E YOU WILL CLAIMED INTERST PORTION AS LOSS WHICH WILL BE SET OFF BY OTHER INCOME HEAD AS PER PROVISION OF SET OFF .
09 August 2010
80C will be available for only 5590/- ( overall limit will remain at Rs. 1 lac)
under section 24 you will get a negative income of 85572/-
under section 24 you will get a negative income of 85572/-
09 August 2010
sir,
can 85572 deduct in his salary income
suppose his basic salary is 304427 per year - 85572 = 218855 for tax calculation & guide me is 85572 in u/s 80c or loss in house property ????
can 85572 deduct in his salary income
suppose his basic salary is 304427 per year - 85572 = 218855 for tax calculation & guide me is 85572 in u/s 80c or loss in house property ????
09 August 2010
how wil i show rs. 85572/- in form 16
09 August 2010
YES, YOU CAN SET OFF WITH SALARY INCOME IF YOU HAVE SHOWN IT SELF OCCUPIED HOUSE AND NOT CLAIM HRA EXEMPTION.
RS.85572 WILL BE SHOWN AS LOSS IN HOUSE PROPERTY IN FORM 16.
RS.85572 WILL BE SHOWN AS LOSS IN HOUSE PROPERTY IN FORM 16.
09 August 2010
bijender sir,
plz guide me about this belw calculation is this right if not than advice me . in this calculation i hav calculate HRA.
basic 310464
hra 159936
tpt 9600
-------
total 480000
-------
solution by me:-
calculation of hra
amt. rcvd. 159936
50% of salary (delhi) 155232
rent paid -10%of 310464 157954
(189000-31046) --------
exempt amt. 155232
tax calculation:-
Gross Salary 480000
ded. u/s 80c
ppf 6000
lip 1544
principal amt.loan 5590 (13134)
loss in house property (85572)
ded. u/s 80d (14610)
hra exempt (155232)
tpt allow (800*12) (9600)
--------
taxable income 201852/-
tax 201852-160000 = 41852/-
10 % of 41852 = 4185/-
education cess 2% = 84
shec 1% 42
--------
total tax 4311/-
plz guide me about this belw calculation is this right if not than advice me . in this calculation i hav calculate HRA.
basic 310464
hra 159936
tpt 9600
-------
total 480000
-------
solution by me:-
calculation of hra
amt. rcvd. 159936
50% of salary (delhi) 155232
rent paid -10%of 310464 157954
(189000-31046) --------
exempt amt. 155232
tax calculation:-
Gross Salary 480000
ded. u/s 80c
ppf 6000
lip 1544
principal amt.loan 5590 (13134)
loss in house property (85572)
ded. u/s 80d (14610)
hra exempt (155232)
tpt allow (800*12) (9600)
--------
taxable income 201852/-
tax 201852-160000 = 41852/-
10 % of 41852 = 4185/-
education cess 2% = 84
shec 1% 42
--------
total tax 4311/-
09 August 2010
You can claim HRA also only if such house on which you are claiming interest dedcution is not occupied by due to employement. ie. it is different city or it is very far distant from your office.
due to this you have to taken a house rent .
Otherwise you have not entitled to claim HRA, if you are staying in this house.
due to this you have to taken a house rent .
Otherwise you have not entitled to claim HRA, if you are staying in this house.
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