Hi can anyone tell me how my tax do I owe on my salary (gross) of Rs 1456000? Wat is the best way to break up the net of Rs 1800000 to minimize tax payment?
Can anybody explain me how much I need to pay the tax for a gross salary Rs.625000 and please mention the maximum tax exemptions I need to show to finally get the taxable income.Please its urgent
RE:Tax for gross salary 625000
by SOUNDARARAJAN DORAISAMY on Apr 23, 2007 06:51 PM Permalink
Hi, Instead asking others to work hard and pay higher better you please do it. Try to reply the point if not don't waste others time.
RE:Tax for gross salary 625000
by goldie gaba on Apr 23, 2007 12:05 PM Permalink
Your exemptions can be in the following form: 1. U/s 80C investments in LIC, MF, Child tution fees, etc. upto Rs. 1,00,000 2. U/s 80D upto 10,000 for mediclaim premium. 3. If you house rent, then your HRA could be exempt subject to certain limits. 4. If you pay interest of house loan, then interest paid upto Rs. 1,50,000 could be exempt. 5. Your conveyance allowance of Rs. 9600 p.a. is already tax free. 6. Your Medical reimbursements of Rs. 15,000 p.a. are already tax free, in case you receive that.
Hi, I have taken up a Home Loan from HDFC for a flat which is still under construction. I started paying the EMIs from August 2006. The possession of the flat is due in December 2007. My query in this regard is: Am I entitled for tax exemption on the interest and/or principal paid by me for the period from August 2006 thru December 2007? If no, which component (interest or principal repayment) can I claim for as tax exemption. If I am not entitled for tax exemption at all then what is the way out?
Please help me out. Thanks a lot for your help in advance.
RE:Regarding home loan
by keshavan iyyengar on Apr 20, 2007 10:18 PM Permalink
you can claim the interest on loan prior to december07 in 5 equal instalments. From dec07 full interest can be claimed. principal repayment for f.y.2006-07 can be claimed. anand
RE:RE:Regarding home loan
by mickey malhotra on Apr 21, 2007 06:11 PM Permalink
principal repayment cannot be claimed until u take possession of your flat however you can claim exemption on 150000 (upperlimit) on the interest component.
RE:PF Amount
by surajit roy on Apr 21, 2007 02:58 PM Permalink
Yes the amount of your own contribution on which you have claimed Sec 80C benefit(Also rebate under sec 88)(both of IT Act)will be added back to your salary income along with the corresponding pf interest which was earlier treated as tax free income.The withdrawal of pf becomes non taxable if the employee has served the organisation for a continious period of 5 years.However if you transfer the pf accumulation to the new pf of your new organisation no taxation impact is there. Please get back if you have more question on the topic. Bye.
RE:Tax Saving
by Ashok Das on Apr 20, 2007 05:43 PM Permalink
Put Rs.1.00 lakhs in tax savings investment. Rs.15,000 as mediclaim premium. You can avail tax relief applicable to Home loan for your residential accommodation. If your present place of posting is other than the place of your residential accommodation you will get relief applicable to HRA
RE:Tax Saving
by Shilpa Karambelkar on Apr 20, 2007 05:45 PM Permalink
Yes you can avail homeloan tax benefit and HRA both. However the location of your Property and work place should no be in the same city. Do contact your CA to plan for the best tax saving options that will suit you. Not necessay that Home loan's is the best option in today's increased loan rates. All the best.
RE:Tax Saving
by AMIT KUMAR on Apr 20, 2007 06:40 PM Permalink
There is an exception to what Shilpa puts here. There should not be situation like that of Delhi-Noida or Delhi-Ghaziabad or any other Geographical combination where the cities as well states are different but the geographic distance is not much. There might be problems raised. Anyways consult your CA first.
Sir, I had puchase home buy taking a personal loan,should I claim those EMI as for tax benifit. I also paid some amount from my personal savings. Wht is the way to claim as a home loan.
RE:Should i get income tax deduction
by Ashok Das on Apr 20, 2007 05:37 PM Permalink
You can get deduction only if you obtain certificate as repayment of house building loan from your financier. Talk to them if the conversion is possible;e
RE:Should i get income tax deduction
by Raj Karambelkar on Apr 20, 2007 05:52 PM Permalink
You should receive a Provisional certificate from the bank/institution from where you have taken the loan. Attach the copy of that certificate while filing your returns. If your employer give an option to you where you can declare the amount well in advance to them, than do that immediately. This way you will start getting the benefit on a monthly basis. i.e your monthly take home will increase. You can avail upto Rs 150000 on interest component and upto Rs 100000 on principal component.
RE:compensation for land acquired
by Amitabh on Apr 22, 2007 11:02 AM Permalink
yes,if the land is within the municipal area or within 8 kms therefrom,you will be liable for the capital gains tax,that will be compensation received less cost of acquisition.
Hi , i'am paying home loan on behalf of my father on which the loan was taken , the property is on the name of my father. every EMI is deducted from my salary a/c. my Q here is do i get the tax benifit for the home loan i'am paying on behalf of my father. since i can prove that the money deducted from my salary account is going to the SBI housing loan a/c. please clarify on this !
RE:home loans
by Raj Karambelkar on Apr 20, 2007 06:00 PM Permalink
Right As Vaibhav said you will not be able to claim the benefit as the property is owned by your Dad. The way around this is to get the property transfered to yourself. Or the other option is that you can show that you are paying the rent to your dad and claim the benefit on HRA. However the HRA benefit may not be equal to the Home loan benefit.
RE:What is Hindu Undevided Family.
by Amitabh on Apr 21, 2007 11:51 AM Permalink
The term Hindu undivided family is not defined in the Income Tax Act but in hindu law.It is the family of persons who have descended from a common ancestors and includes their wives and unmarried daughters.HUFs are treated as separate entities for tax purposes.Apart from Hindus,jains and Sikhs may also form HUFs.
