tax question

Share
Share This Thread
  1. Shambhu

    Shambhu New Member

    MR X TOOK A LOAN OF RS 1000000 ON 01.09.2011 FROM STATE BANK OF INDIA
    ,@7.5% P.A. FOR CONSTRUCTION OF ONE HOUSE WHICH WAS COMPLETED ON
    01.07.2013 AND WAS LET OUT @ RS. 45000 P.M. MUNICIPAL TAXES PAID ARE RS.
    20000. MR X HAS TAKEN ANOTHER LOAN ON 01.12.2013 FOR RS. 1000000 @ 8% FROM
    PUNJAB NATIONAL BANK TO REPAY THE EARLIER LOAN. THIS HOUSE WAS SOLD BY HIM
    ON 01.03.2014 AND THERE WERE STCG OF RS. 150000. COMPUTE HIS TOTAL INCOME
    FOR THE A.Y. 2014-2015.
     
    DINESHKUMAR_2014 likes this.
  2. Parul_Gupta

    Parul_Gupta Active Member

    Dear @Shambhu

    The Interest on Loan would have been claimed as a deduction under Section 24 in the same year itself.

    And you have already mentioned that STCG is Rs 1,50,000

    Could you please clarify your exact query as you have already mentioned that STCG is Rs. 1,50,000 and Tax would be levied on STCG as per the Income Tax Slab Rates
     
  3. Shambhu

    Shambhu New Member

    how to compute total income
     
  4. Parul_Gupta

    Parul_Gupta Active Member

    Just add all other incomes to the capital gain to arrive at the total income.

    I don't have the details of other incomes so cant compute your other incomes. However, you have shred details of Rental Income from this property. Could you please confirm for how many months this property was on rent?
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Articleship Question. CA Oct 12, 2016
Change of questions order in IPCC may 16 CA Mar 30, 2016
ICAI Announcement regarding Questions in CA Exams CA Mar 21, 2016
solutions to the questions CA May 13, 2015
Attempted all questions in IPCC Exam by mistake CA May 12, 2015