• 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 1 year ago in Income Tax from Vijayawada, Andhra Pradesh
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
Abhishek Dugar
CA, Mumbai
2774 Answers
112 Consultations

5.0 on 5.0

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          ****************
Lalit Bansal
CA, Delhi
502 Answers
36 Consultations

5.0 on 5.0

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 
Lalit Bansal
CA, Delhi
502 Answers
36 Consultations

5.0 on 5.0

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. 
Rohit R Sharma
CA, Mumbai
2089 Answers
90 Consultations

5.0 on 5.0

We assume that your query is answered by our profession colleague. For more mail at modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

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