Query reg Home Loan tax benefits

Share
Share This Thread
  1. Unnikrishnan.C.B

    Unnikrishnan.C.B New Member

    Dear all,

    I have taken two home loans and my other income and deduction particulars are as detailed below:

    1. Home Loan of Rs. 5,90000/- for Repair/Maintenance with an EMI of Rs. 5700/-

    2. Home Loan of Rs. 22,00000/- for purchase of a constructed flat with an EMI of Rs. 22000/-

    3. I am showing a rental income of Rs. 8000/- from the flat

    4. The principal amount for the first home loan per annum is Rs. 28790/- for 2014-15

    5. The interest for first home loan per annum is Rs. 58072/- for 2014-15

    6. The principal amount for the second home loan per annum is Rs. 40920/- for 2014-15

    7. The interest for second home loan per annum is Rs. 223008 for 2014-15

    8. My total income for 2014-15 is Rs. 716064/- + 96000/- = 812064/-

    9. My 80c savings comes around Rs. 106028/-

    What will be my taxable income and how much tax i may have to pay on this income?

    Please revert to my e-mail [email protected]

    Thank you
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    For the Financial Year 2014-15

    Deduction allowed for Interest on Home Loan = 58072 + 223008 = 2,81,080
    80C Savings + Principal Repayment = 106028 + 28790 + 40920 = 1,75,738 (but max allowed under this section is Rs. 1,50,000 only)

    Your total income as mentioned by you is - 812064
    Total taxable income after deductions = 812064 - 281080 - 150000 = 380924

    Tax on above income
    Upto 2.5 Lakhs - Nil
    Above 2.5 Lakhs @ 10% = Rs. 13098.4

    Total Tax payable by you for Financial year 2014-15 is Rs. 13098.4
     
  3. Unnikrishnan.C.B

    Unnikrishnan.C.B New Member

    Thank you very much Gauravji.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Query on Home loan Interest and Share to be shown (ITR2) Income Tax Jul 27, 2017
Query on Home loan Interest and Share to be shown (ITR2) Income Tax Jul 27, 2017
home loan benefit query Income Tax Nov 5, 2016
Home loan and HRA query Income Tax Sep 21, 2016
query regarding benefits on home loan Income Tax Jul 19, 2016