Tax liability

Dear Dimple,

From the details given by you, according to me, the indicative calculations are:

- Ankit

thanks...

we wont get interest on housing loan deduction  of rs 82000??

Dimple,

I am sorry...I missed out on that amount..Interest on Hsg. Loan of Rs. 82000 will be allowed.

if it is Self Occupied, there will be a straight forward loss of Rs. 82000. however, if the HP is leased out or comes under Deemed Let Out, the notional income will have to be considered and then the deduction will have to be taken.

also the principle amount repaid is allowable as a dedcution under section 80C, but since your LIC already is in excess of 100000, i have not taken that.