Tax returns 2012

Hi

I have recently brought an investment property and it gets me an income of around 30k each month. I am a female and currently based in NZ.

I have a monthly EMI of 43k.

Can anyone please guide me whether I should file the tax returns for the financial year 2011-12?

Thanks Geni

asked May 08 '11 at 22:39 by geni 1111


You should file income tax return as your income is more than non-taxable range.

30% of rental income is exempted towards house maintenance, So only 70% of rental income will be added to your taxable income, so your taxable income will be 2.52 lakhs.

Further you can claim deduction for home loan interest. As house is given on rent, there is no upper limit of exemption for home loan interest.

Principal amount paid for home loan can also be deducted from taxable salary (under section 80-C) upto maximum limit of 1 lakh.

answered May 12 '11 at 13:24 by pankaj 5.2k320

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Asked: May 08 '11 at 22:39

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Last updated: May 12 '11 at 13:24