What is the treatment of Home Loan repayment to Salary?

This query is : Resolved

Akshay Nayak (Querist)
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21 March 2011 If A gets a gross salary of Rs.6 Lakh per annum and repay his Home loan app.300000/-, what should be the treatment to calculate TDS on Salary? Please advice.

Jainish shah

Jainish shah (Expert)
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21 March 2011 maximum deduction is Rs.100000 u/s 80C. So taxable salary will be Rs.500000( i.e. 6L-1L max)

calculate tax on Rs.500000 and deduct tax accordingly.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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24 March 2011 Hi,

Kind off agree with the Expert as it may be subject to Other Deductions under Chapter VIA as well.

Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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