1)Salary- 2 Lacs 2)Professional fees recd - 3.85 Lacs(Gross) Net after expenses is 2.15 Lacs 3)Intrest -PPF/NSC/BANk - 17000/- 4)Income from House rent -1)Rs. 108,000/-(Gross) 2)Rs. 35,000/-(Gross)
The Maintainace charges of Society including Muncipal Taxes is Rs. 900/- pm(muncipal taxes rs. 175/-) for House no 1 & Rs. 1250/-(Muncipal Taxes Rs. 105)for House No 2. Please let me know what amount Should be calculated for income from house rent.Foes the 30 % House Rent include muncipal taxes or its seprate.
dear Mr Vijay, The admissable deductions are (1) Rs.12,000.00 under Setion 24(b) of IT Act towards Interest for Housing Loan which is deducted from your Taxable Income. The upper limit is Rs.1,50,000 for Housing loans obtained after 1999 and prior to that is Rs.30000. (2) The Principal of Rs.12,000 paid towards housing loan is counted towards Section 80C, the upper limit being Rs.1,00,000 (3) The Registeration Charges and Fees incurred on the House of Rs.10,000 is also exempt under Section 80C, the upper limit being 1,00,000. L/Cdr GK Balaji
is Home loan interest tax exempted ? i was of the opinion that any investment alone to a max of 1 lakh is tax exempted according to last years resolution.
Suppose a person pays a emi of Rs. 2000/- pm, total of Rs.24000/- p.a., half of the amt is principal i.e. rs.12000/- p.a. nd half of the amt is interest i.e. rs.12000/- p.a., nd he had paid Rs. 10000/- toward registration of the house property in his name. what all deduction nd benefits he can claim while filing incometax return, also are both amounts ie. principal + interest, deductable under sec 80C.
RE:EMI paid on Home Loan
by anoop sanil on Mar 08, 2006 05:58 PM
As per me only principle amount is comming under 80C.Interest will be deducted under sec 24b .
