Dear sie, before marriage my wife had taken a home loan as she was working now since she is not working and full EMI i pay to bank can i get tax benefit .please suggest me
I am a salaried person working in public enterprise .My gross earning during this year 2007-08 will be around 1400000( 14 lacs ). What will be the income tax on above ? Is there any way I can save or reduce the tax and if so by what way ? Will you please advise ./ Rajeev e mail: rajib_l@oilindia.in
Re: Income Tax .
by ArvindKumar Mishra on Feb 16, 2009 04:49 PM Permalink
interest on housing loan 150000/- 80c deduction Rs. 100000/- Donation to the extent u can pay and claim 50 or 100%, mediclaim on dependants and parents
Are there any changes in the upper limit for the section 80C? If there are not tuition fees to be paid, will my investment limit still be Rs.100000? Thanks.
I have taken home loan and EMI started from Jan.2008.I paid 3 EMI till March 2008. Company CA says Tax exemption will start after getting possession of under construction flat which I am going get in Dec.2008. Am I eligible for tax exemption on all EMIs (principle and interest) for entire financial year 2008-2009 and plus privious 3 EMIs of year 2008. Or Tax exemption only start from month Dec.2008, When i am going to get possession and not privious EMIs? Pls. reply.
RE:Home Loan
by S Lakshminarasimhan on Mar 15, 2008 04:21 PM Permalink
Tax exemption is available for the Total Interest charged to your loan account during the FY in which you get possession sucbject to the ceiling. (Interest charded from Apr 08 - Mar 09). Principal repaid during the FY (Apr 08- Mar 09)can be shown as savings under Section 80ccc within the overall exemption (1 lakh). You will not get any benefir for the FY 2007-08, if you are not occupying before 31 Mar 2008.
RE:Home Loan
by Francis Dantas on Mar 29, 2008 08:54 PM Permalink
Dear Mr. Lakshminarasimhan
I am a salaried person (with HRA allowance) and staying in a rented house and submitting the rent receipts to the company and get the tax exemption for the same. Now I have taken a Home loan for under construction flat, which I am going to get the possession in Dec.2008. I have started paying EMI from Jan.2008 for the same. I am working and staying in rented house in Pune and my new flat which I am going to get possession is in same city.
1)If I rent a new flat after possession, can I continue claiming HRA exemption if I continue staying in rented house? And same time can I get the benefit of housing loan i.e. loan repayment and interest paid? 2)If I get a possession of new flat in Dec.2008, can I claim a exemption on EMI(principle and interest) from financial year April 2008 to March 2009 and onwards? 3) What about first three EMI from Jan.2008 to March 2008, how Principle amount and Interest will be adjusted in following years for tax exemption? 4) If I am not allowed to claim a HRA exemption after I get possession of my new flat, say in month of Dec.2008, because I live in same city, can I claim the exemption onHRA till Nov.2008? And claim exemption on EMI (principle and Interest of home loan) for entire financial year 08-09?
I have consulted above queries with few Tax consultants but unfortunately got different answers from them. I hope you and sure that you will be able to give me correct answer.
My email id is maddhoooo@rediffmail.com & madhukarm@brainvisa.com. COuls you please tell me how to calculate indivdual tax liablity as per latest budget. Regards Madhukar
I can give you a tax calculation sheet for service class Persons which will be giving you fare idea about of Tax on Income to you. My ID is manishmehta.2008@rediffmail.com
RE:Any Help need in Tax Calculation in India Call Me
by asdgfsda sdgfsd on Mar 18, 2008 06:30 AM Permalink
kindly forward me the tax calculation sheet to my id npp_npp@sify.com regards
RE:Any Help need in Tax Calculation in India Call Me
by Azeem Akhtar on Mar 24, 2008 03:15 PM Permalink
Dear Sajid Can u pls send me new tax calculater ( xls sheet )
Re: Any Help need in Tax Calculation in India Call Me
by dharshan on Feb 16, 2009 12:59 PM Permalink
hi.. i'm dharshan. I request you to pls forward me a copy of the Tax Calculation Sheet to my mail id dharshanrao@rediffmail.com
RE:RE:calculation of tax
by on Mar 15, 2008 11:12 PM Permalink
please,send me the excel sheet also (how to compute individual salary person tax liability.) My id is shrestha_kar_rentals@yahoo.co.in mukul_kul@rediff.com
RE:calculation of tax
by madhukar malwadkar on Mar 14, 2008 02:11 PM Permalink
Hi Mr Chandrakant, If you have received the excel sheet, can you pls fwd it to me also. my email id is
