Mr Gaurav age 35 years working in MNC has forecasted following Income for year 2020-21.He lives in
Question:
Mr Gaurav age 35 years working in MNC has forecasted following Income for year 2020-21.He lives in Lucknow in rented apartment paying a rent of Rs 30000 per month
Salary Income: Basic Salary 500000 DA 700000 HRA 300000 Medical Allowance Rs 20000 Bonus Rs 400000
Investments: Monthly SIP Equity MF Rs 3000 Monthly SIP ELSS Rs 5000, Tution Fees for his child Rs 50000, Purchased Plot Rs 200000 Life Insurance Premium Rs 25000. He contributes Annually Rs 60000 in NPS. He has redeemed Equity Mutual Fund units which he had purchased two years back at gain of Rs 70000
Taken Housing Loan of Rs 30 lac paying EMI Rs 20000 p.m (Principle Repaid Rs 100000 & Interest Rs 140000) for house in Lucknow in which his parents are living. Car Loan of Rs 7 lacs paying EMI of Rs 8000 (Principle Repaid Rs 70000, Interest Rs 26000), Education Loan taken for his higher studies outstanding Rs 4 lacs paying EMI Rs 5000 (Principle Repaid Rs 20000)
He has taken a family Floater Health Insurance premium for Self-Spouse and child Rs 28000 and for his mother age 62 years Rs 20000. He has Donated Rs 10000 to PMCARES fund. Calculate Net Tax payable for Mr Gaurav for the year 2020-21 in both old and new Tax regime and which will be recommended to Mr Gaurav
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson