Desire to know components of income & eligible items for exemption

Parthasarathy 1
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Pension for 12 months: Rs.2,05,116
Rental income: Rs.1,80,000
Gross income: Rs.3,85,116/-

Annual House tax paid: Rs.7,135
Appx.rent collctn.chgs.Rs.10,000
Annual Med.Ins.premium Rs.10,000
Annual Health Checkup: Rs.5,000

Being a pensioner, aged 76 years, I would like to have details of calculation of tax payable showing details of exemptions under each head.

pension-income tax-deduction rental-income income-tax
1 Answers

From actual house rent income, you can deduct house tax amount and 30% towards maintenance expenses. It would reduce your taxable rental income.

There is no deduction available for health checkup spend in FY 2011-12. Medical insurance premium can be deducted u/s 80D.

You can download income tax calculator and compute total income tax after deductions.

Pankaj Batra5212
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