My total gross income is Rs. 15,00,000 and I have my own house. How to save the tax? My wife is housewife doesnot have income. Shall I pay the HRA to my wife and she can claim the tax and pay income tax if it exceeds the total allowed income.
Dear Sir, I am an army officer and have achieved the aim of rs one lakh but have still some money to invest. i alredy have 3 long term life insurance policies and would like to know what is the best possible solution for my money to grow with both long term as well as short term deposits. regards siddharth khanna
if you can kindly explained with the new income tax regime of section 88-c what will happen to the NSC schemes,pension funds,etc once they get matured. Will govt deduct some amount on maturity.kindly explain.
Under Section 88, the rebate varied depending on the income slab. If your gross total income did not exceed Rs 150,000 = 20% rebate. If your gross total income did not exceed Rs 150,000 = 15% rebate. If your gross total income exceeded Rs 500,000 = Section 88 not applicable.
2nd and 3rd lines are same..should be corrected immediately,,thanks...
RE:Claim HRA & Home Loan
by bala on Feb 10, 2006 12:34 PM
You can claim HRA by submitting Rent receipts. Besides you can claim Home Loan repayment benefit provided you show the house has been let out for rent and the rent as your additional income. You have to declare the annual lettable value and the maintenece cost, taxes paid. If the Interest and cost of Maintenance and taxes are higher than the rent earning, you may claim the difference as Loss from house property. You need to fill the form 12C in any case which gives all the details.
Dear Sir, I had a home in visakhapatnam.For This home i am paying a home loan of 90,000PA.My parents are staying there.Now i am working in chennai.Here i am staying in rented house. Now my question is i can claim for homeloan as well as HRA also for Tax deduction or not.Please give me immediate reply.
Section 80 CCC, pensions, is under Section 80 C, and there is a upper limit of 10,000 for contribution towards pension funds... this is apart from EPF...
