Quote Originally Posted by mkhasan View Post
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 -
(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