RAJ KUMAR (FINANCE MANAGER) (1393 Points)
10 April 2011HELLO FRIENDS, PLS. TELL ME IF A PERSON HAS NO INCOME UNDER THE HEAD HOUSE PROPERTY BUT HE HAS PAID THE INTEREST U/S 24 THIS IS THE LOSS UNDER THE HEAD HOUSE PROPERTY.
NOW PLS. TELL ME WHETHER WE HAVE TO SE OFF THIS LOSS FROM UNDER THE OTHER INCOMES AND THEN SHOW THE GROSS TOTAL INCOME OR WE FIRST CALCULATE THE GROSS TOTAL INCOME AND THEN GIVE THE DEDUCTION.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 10 April 2011
int u/s 24 is deductible from gross taxable income, limit 1.5 Lacs
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 10 April 2011
IF HIS BUSINESS INCOME IS 290000 AND INT PAID IS 60,000.
HIS GROSS TOTAL INCOME IS RS 180000.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 10 April 2011
| Originally posted by : RAJ KUMAR | ||
 |
IF HIS BUSINESS INCOME IS 290000 AND INT PAID IS 60,000. HIS GROSS TOTAL INCOME IS RS 180000. |
 |
interest paid 60000 would be deducted from taxable income, u/s 24(b), provided he obtain a payment cerficate from the lander in his name.
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