My Taxable Salary Income is Rs 10,00,000 and I own a house and the rental income from this is INR 2,00,000 during the Financial Year 2008-09 and I have paid the Municipal/Corporation taxes Rs.50000/- during the last Financial Year 2008-09.
Could you please tell me how to compute the Hosing loan benefit?
Please find attach the calculation -Quote:
Originally Posted by mkhasan
(A) Rental income = 2,00,000
(B) (minus) Municipal / Corporation / Local taxes = 50,000
(C) Sub total (A-B) = 1,50,000
(D) (minus) 30% towards maintenance(30% of Rs. 1,50,000) = 45,000
(E) Sub total (C-D) = 1,05,000
(F) Interest on Loan paid to Financial Institution = 1,00,000(assumption, please take the actual)
(G) Net Income ( Loss) on House property (E - F) = 5,000
(H) Taxable Salary Income = 10,00,000
Net Taxable Income (G+H) = 10,05,000
I have bought a house for which I had taken the home loan but I am not living in that house, instead of using it myself, I have rented it out and I am living in other rented house near my office. Can I claim all the tax benefits and the HRA also?
You can claim all the tax benefits and the HRA. But just keep in mind that rent received by you is considered as your taxable income.Quote:
Originally Posted by Dinesh