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How to show this in computation

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Interest paid on Housing Loan Rs.1,32,000/-

Income from Salary Rs.1,60,500/-

Deductions u/s 80C Rs. 22,040/-

Plz reply

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CA. Dashrath Maheshwari (TaXpert) (15103 Points)
Replied 14 November 2008

Income from Salary Rs.1,60,500/-

Income from Hous property (Rs. 132000)

GTI Rs. 27500

Less: 80C Rs. 22040

Total Income Rs. 5460

Tax Nil

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Darshu (CA) (1580 Points)
Replied 14 November 2008

1.INCOME FROM SALARY:

Net Salary 1,60,500

2.INCOME FROM HOUSE PROPERTY:

Self occupied House(NAV) NIL

Less: Int.on Hsg.Loan 1,32,000 (1,32,000)

--------- ------------

Gross Total Income 27,500

Less:Deductions Under Chapter VI A

U/s 80 C 22,040

-------

Net Taxable Income 5,460

Tax on above NIL

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Prabeer (B. COM (H) CA & CS Final) (5484 Points)
Replied 15 November 2008

Yes Mr. Mukesh Dashrath Sir & Darshu r true provided the following assumption is made:

1) House Property for which the loan has been taken is self-occupied and the loan has been taken after 1.4.1999 and the loan is for construction of the property & not for repairs. (U can refer 2 the illustrations in the PCC Study Mat).