Please let us know the interest amount(per annum) on the loan and not the EMI amount.
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Tax on pension income and house rent
My father age is 77...he is retired state govt employee...he is getting pension 5.5lakhs per annum.... my father has own land....my father,my brother and me have taken bank loan and constructed the 4 portion house...and this house is there in my father name....bank loan EMI is 33,000 per month....and we are getting rent 70,000 per moth .... can any body explain how much tax my father has to pay on his pension? how much tax my father has to pay on house rents? how much total tax my father has to pay on pension and house rents?
Asked 7 years ago in Income Tax
Hiiii
1. For tax on Pension income please provide Form 16 which he receive from there department
2. on Income From House Property calculation is as below
Rent Received *****
Less 30% ***** (Standard Deduction)
---------
*******
Less Interest paid on Home Loan *******
--------
Income From House Property ********
--------
3.Tax payable on his total income as under
Income from Pension *************
Income From House Property ************
Interest Income (if any) ************
--------------
Total Taxable Income **************
Less Deductions under chapter **************
VI A ( i.e. 80C - Life insurance,
Principle part in home Loan etc
80D Health insurance
80TTA Interest on Saving Bankp
up to 10000)
-----------------
Net Taxable income ****************
Tax as per income tax slab ****************
Loan amount is 32,00,000. Loan duration is 20 years. Rate of intetest is 11% Emi 33,000 per month
Asked 7 years ago
Every year bank provide you home loan interest certificate in which interest and principle part clearly mentioned, thus plz use this
For provisional tax calculations bank also provide provisional interest certificate
Thus first collect certificate from bank
Hello Sir,
Interest certificate for the respective financial year is required by the bank to let you know the quantum of tax. Please ask your banker for the same and inform us the amount of interest.
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