09-10-2011, 07:14 PM
I am not expert but as far as i know tax rebate will be allowed only on taxable salary...
for example you have 2 incomes
1. Salary as teacher/researcher = 100,000
2. Property income= 300,000
Total income = 400,000
Lets assume tax rate is 20%
rs 80,000 is tax payable
salary income is 100,000/400,000 * 100 = 25%
25% of tax liability is 20,000 - Now THIS WILL BE REDUCED BY 75% so it becomes rs 5,000
final tax payable = 5000 + 60,000 = 65,000
Hope it made sense lol
for example you have 2 incomes
1. Salary as teacher/researcher = 100,000
2. Property income= 300,000
Total income = 400,000
Lets assume tax rate is 20%
rs 80,000 is tax payable
salary income is 100,000/400,000 * 100 = 25%
25% of tax liability is 20,000 - Now THIS WILL BE REDUCED BY 75% so it becomes rs 5,000
final tax payable = 5000 + 60,000 = 65,000
Hope it made sense lol
