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Pay No Tax on Aggregate Income of Rs 7,85,000/- (Ay 2019-20)

In this case assessee (male/female below 60 years) having salary/business or professional income/income from other sources of Rs 7,85,000/- (including saving bank account interest Rs. 10,000/-) and living in a house/flat acquired with borrowed funds, will be required to pay no tax as under:

Net Income from Salary/Business/Profession Other Sources                             Rs. 7,85,000
Income From House Property
                  (Fully self occupied)                                                  Nil
Less: Interest on funds borrowed                                             Rs. 2,00,000
         for acquiring the property                                               ----------------   (-) Rs. 2,00,000
                                                                                                                           ____________
Gross Total Income                                                                                               Rs. 5,85,000

less: Deduction u/ss 80C/80CCC/80CCD(1)
         (LIC, NSC, PPF etc.,)                                                    Rs. 1,50,000
         Deduction u/ss 80CCD(1B)
         (Contribution to new pension scheme)                          Rs.    50,000
        Deduction u/s 80D (Medical Insurance Premium)         Rs.    75,000
        Deduction u/s 80TTA (savings account interest)           Rs.     10,000
                                                                                               ___________       Rs. 2,85,000
                                                                                                                            ___________
Total Income                                                                                                       Rs. 3,00,000
 Tax Payable on total income of Rs 3,00,000                                                      Rs.     2,500
Less: Rebate u/s                                                                                                  Rs.      2,500
Net Income Tax Payable                                                                                          NIL
Compiled By
CA.R.JEYARAJAN FCA.,
(Chartered Accountant)
can be reached at jeyarajan@rareassociates.in

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Location: Thoothukudi, Tamil Nadu, India

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