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Income tax calculator

The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long term gains). This tool cannot be used for computing income tax from business or profession.

Income tax calculator

Income Tax Slab Rates for financial year 2014-2015 (AY: 2015-16)

For Men
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For Women
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For resident individual of 60 years or above (Senior Citizens)
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000Nil
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent


Please download income tax calculator from the links provided below on the basis of required financial year/assessment year.

  1. FY 2014-15 (AY 2015-16)

      Income Tax Calculator for financial year 2014-15 (135.5 KiB, 19,467 hits)

  2. FY 2013-14 (AY 2014-15)

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 44,617 hits)

  3. FY 2012-13 (AY 2013-14)

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 83,991 hits)

  4. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 189,030 hits)

  5. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 153,908 hits)

  6. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 62,037 hits)

  7. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 18,215 hits)

Any person who has basic knowledge of Microsoft excel can use this tool easily.

This excel calculator supports inclusion of following components, explanation for each is also provided along:

House Rent Allowance (HRA):  Rent receipts can be shown for taking tax benefit for living in a rented house. Income tax exemption for HRA will be least of following:

  1. The actual amount of HRA received as a part of salary.
  2. 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
  3. Rent paid minus 10% of (basic salary+DA).

In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in same city or not at a commutable distance to office.

Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component. This would not be exempted in case employee also avail car reimbursement. No proofs/bills required to submit for this exemption.

Children education allowance:  Per school going child 1200 per annum is non-taxable. Maximum for 2 children, so max 2400 per annum becomes non-taxable.

Grade/Special/Management/Supplemementary Allowance: That’s general component in industry to complete CTC amount after putting 35-40% into basic and 20% in HRA. This is not an expense, but this head is kept just to put the rest of CTC amount into some component.

ArrearsGenerally arrears are fully taxable, but employee may claim exemption u/s 89(1).  One would need to compute income tax on the arrears if it would have been received in actual year. Now difference of income tax between payment year and actual year would be allowed for deduction.

Gratuity: If amount is received before completion of five years of service with employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in case of non-government servants. In case of Government service employees, it would be fully non taxable.

Leave travel allowance (LTA)Two trips on a block of four years can be claimed for exemption for travel done inside India. Following amount would be non-taxable:

  1. Where journey is performed by rail; railway-fare in first AC class by shortest route to destination.
  2. Where places of origin and destination are connected by rail but the journey is performed by any other mode then first AC class fare by shortest route to the place of destination.
  3. Where place of origin of journey and destination, or part thereof, are not connected by rail and journey is performed by any other transport; then (i) If a recognised public transport system exists between such places the first class or deluxe class fare of such transport by shortest route, or, (ii) If in other case, first AC class fare for the distance of the journey by the shortest route, as if the journey has been performed by rail.
 Leave encashmentPayment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt. In case of other employees, the exemption is to be limited to minimum of all below:
  1. The actual amount received
  2. The cash equivalent of leave balance (max 30 days per year of service)
  3. Maximum of 10 months of leave encashment, based on last 10 months average salary
  4. Rs. 3 Lakh

Performance Incentive/Bonus: This component would be fully taxable.

Medical allowance/Reimbursement: This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills.

Food Coupons – Non-taxable upto 50 Rs per meal. So a 22 working month and one meal per day would make Rs 1100 as non taxable. Sodexo or Accor ticket coupons may also be provided by employer for same.

Periodical Journals: Some employers may provide component for buying magazines, journals and books as a part of knowledge enhancement for business growth. This part would become non taxable on providing original bills.

Professional Development Allowance : If original bills are submitted to employer, this allowance may become non-taxable. Generally payment done towards any technical course fee, certification etc done to enhance professional knowledge can be reimbursed.

Uniform/Dress Allowance: Some sections of employees mat get allowance for purchase of office dress/uniform. In such case, the component would become non-taxable.

Telephone reimbursements – In some of the cases, companies may provide a component for telephone bills. Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.

Internet Expenses – Employer may also provide reimbursement of internet expenses and thus this would become non taxable.

Car expense reimbursements – In case company provides component for this and employee use self owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance. This amount would be Rs 2400 in case car is more capacity than 1600cc.

Driver salary – If employee pays driver salary for self owned or company owned car, Rs 900 per month may become non-taxable if employer provides component for it.

Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached. Following relations are covered under non-taxable rule:

  1. Spouse of the individual
  2. Brother or sister of the individual
  3. Brother or sister of the spouse of the individual
  4. Brother or sister of either of the parents of the individual
  5. Any lineal ascendant or descendant of the individual
  6. Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (2) to (6).

If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.

Agricultural Income: If one has only only agricultural income, then it is fully exempt from income tax. If other income also there, rebate on agricultural income would be provided at 10-30% rate depending on actual amount of agricultural income.

House rent Income: 30% of the rental income can be reduced as a standard deduction for repairs, maintenance etc. irrespective of the actual amount spent.

Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.

Short Term Gains from Share Trading/Equity Mutual funds: if stocks/equity mutual funds are sold before one year, 15% tax would be payable on such gains. STT should have been on transaction.

Long term gains from Share Trading/Equity Mutual funds: If stocks/equity mutual funds are kept for more than a year before sale, it would be long term gains and such gains would be fully exempt from income tax. Securities transaction tax (STT) must have been paid on transactions for availing this exemption.

Section 80C, 80CCD and 80CCC deductions- One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1 lakh combined limit. Amount can be invested in:

  1. Tax saving mutual funds (ELSS) with three years lock-in
  2. Five year tax-saver bank Fixed deposits
  3. Public provident fund (PPF)
  4. National Savings Certificate (NSC) or National Service Scheme (NSS)
  5. Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
  6. Life insurance/Unit Linked Insurance Plan (ULIP) premium
  7. Employee’s contribution towards Employee provident fund (EPF)
  8. Home loan principal amount payment (only if you have got possession of house)
  9. Senior citizen savings scheme (SCSS), if your age is more than 60 years
  10. Post office tax saving deposit or tax saving bonds
  11. Pension scheme/Retirement plans (Secion 80CCC)
  12. Tuition fees paid for children education

Section 80D : Maximum deduction of up to 15,000 under mediclaim or health insurance offered by life insurers taken for self and family. An additional deduction of up to 15,000 for buying cover for dependent parents. If parents/assessee are senior citizens, they can claim deduction up to Rs 20,000.

Section 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.

Section 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child. There is no maximum limit on this deduction.

Section 80G : The eligibility is 50% or 100% of the donation amount subject to overall ceiling of 10% of your gross total income to certain funds and charitable institutions.

Section 24/Home loan interest payment : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out. House rent would needs to shown in income in case house is not self-occupied.

Section 80U (Disabled/Handicapped person): Deduction can be claimed if person has a disability. The allowed dedudtion if for Rs 50,000. This deduction goes up to Rs. 75,000 in case disability is severe.

Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 60,000 in case patient is senior citizen). Deduction is only allowed in case of following diseases:

  1. Neurological Diseases where the disability level has been certified to be of 40% and above,
    (a) Dementia
    (b) Dystonia Musculorum Deformans
    (c) Motor Neuron Disease
    (d) Ataxia
    (e) Chorea
    (f) Hemiballismus
    (g) Aphasia
    (h) Parkinson’s Disease
  2. Malignant Cancers
  3. Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
  4. Chronic Renal failure
  5. Hematological disorders :
    (a) Hemophilia ;
    (b) Thalassaemia.

Professional tax: Professional tax deducted from salary by employer should be removed from taxable salary before computation of income tax.

Employer contribution of EPF/New pension scheme(NPS): Employer contribution does not become part of employee’s income and hence income tax is not payable on this part.

Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which are taxable in nature should be done after deduction of taxes at the source itself. Hence employer compute income tax on salary payment and deduct it every month. This TDS is based on employee’s saving/investment declaration at the start of year. If investments for tax saving is not done, large amount may be deducted in last few months.

In Hand monthly salary: After deduction of all components like TDS, EPF etc in hand monthly salary is computed.

In Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.

Total income this year: This figure shows whole year’s income from all sources combined.

Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.

If you want to use simple web based calculator, you may try, official income tax calculator by income tax department

Disclaimer: We are not responsible for any inaccuracies in the income tax computed by this tool. If one finds any issue, they can report same to us through contact us page and we would try to fix the problem as soon as possible.


3,190 Responses

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  1. Sanjay Madan says

    Hi Pankaj,
    I am in 20% tax slab. In FY 2013-14, on FD interest, bank deducted TDS@10%. That is clear that I have to pay rest 10% tax. But my question is, is there any tax on bank RD because the interest on RD is also mentioned in Saving Account interest of interest statement of bank and they didn’t deducted TDS? I had heard there is Relief of Rs. 10000 on Bank a/c saving interest, Is this really?
    Thanking you

    • Pankaj Batra says

      There is a relief only on saving bank account interest u/s 80TTA. But this is not applicable on Recurring (RD) and Fixed deposits (FD).

  2. Dr SB Kalidhar says

    Income Tax Rules 2001 – make it clear – that one has to deposit the penalty first – & thereafter – one may file an appeal to the Commissioner (Appeals). The penalty orders – which I received from the Assessing Officer – do NOT make a mention of the 2001 rules. Are there changes in rules – which are now different from 2001 rules ? The penalty orders had the information that I could make an appeal to the Commissioner within 1 month along with a fee of Rs 1000 & on the prescribed proforma. I did that. I did not deposit the penalty. Will the 2001 RULE go against me ? Will it be a technical reason to dismiss my appeal ? PLEASE GIVE ME SOME CLARIFICATIONS – WHICH MAY OR MAY NOT BE FAVOURABLE TO ME.

    • Pankaj Batra says

      @Dr SB Kalidhar
      Sorry, but we don’t have much expertise on this matter.
      We would advise you to take help from a CA or tax lawyer.

  3. Prateek Agarwal says

    We are having one of the Cafeteria Component “Reimbursement for engagement of helper for assistance in the performance of official work at residence”.
    Is this a taxable one or non-taxable one?

    • Pankaj Batra says

      As this is a reimbursement on actual bills and employer include this in business expense, it won’t be a part of your income and hence no tax should be payable on it.

  4. Sank says

    My home loan interest component is 222000. I have selected both the options – loan taken in 2013-14 and first home loan option. Still it’s not showing anything under 80EE deductions. Moreover there is no option to provide if anything was claimed under 80EE in the previous year (which is nil for me anyway). Am I missing something?

    • Pankaj Batra says

      Thanks for reporting the issue. Somehow 80EE implementation was missed in the calculator.

      Please download latest version of file (Income_Tax_Calculator_2014-15_v2207.xls)
      Issue has been fixed in it. There is a new text field introduced which asks for 80EE deduction taken in FY 2013-14.

      I hope its useful now!

      • Sank says

        Hi Pankaj,
        Sorry for the late reply.
        I have downloaded the v2207 but it’s not working yet. I ahve entered the interest amount in row 70 which is greater than Rs. 2lakh and selected the options as taken in 2013-14 and first loan. It’s showing the deductable amount as 2L. My expectation is it will update row 103 with the rest amount which is < 1L.

        Correct me if I misunderstood anything.
        Thank you.

        • Pankaj Batra says

          You would also need to enter total loan amount in C69 cell. If loan amount is more than 25 lakhs, 80EE won’t be applicable.

  5. Prateek Agarwal says

    Can we maintain the records of INFRASTRUCTURE BONDS on one website say for e.g. MONEYCONTROL/ BLUECHIP?

    • Pankaj Batra says

      As of now, I don’t see an option of adding it into portfolio account.
      But these are there in your demat, your online trading account should show it.

  6. Srinivasa Rao says

    I’ve a flat at my native and that is vacant for the past 18 months, I’ve paid a sum of Rs.1100 as muncipal taxes. I heard that I can show it as a loss from property since I’ve no income from the property in a financial year. But when I fed the data it is not at all considering the muncipal taxes paid without rental income. Am I missing something here around?

    • Pankaj Batra says

      Municipal taxes can only be deducted from income from house property. So in case you don’t have any actual/notional rent, it won’t give you any deduction.

  7. waman says

    If I sell my car which was purchased for personal use do I need to show that in my income tax return ?

    • Pankaj Batra says

      No, there is no need to show car sale in ITR unless you earned profit from its sale.

  8. Nitin Bulbule says

    Hi Pankaj

    I am salary person in F.Y. 2013-14 & the same year we provide some professional service for other company they provide me Form 16A. In that my case Form 16 & Form 16A both income is there so kinly guide me Which Income Tax Return is applicable for me ITR-1 Or ITR-4. but major income in salary.

    • Pankaj Batra says

      ITR-4 would be applicable as you had income from profession/business. It does not matter whether professional income is small or big.

  9. Vishal says

    Dear Pankaj,

    Thanks for the formats, these are very helpful

    For FY 14-15
    1. Section 80C, 80CCD and 80CCC deductions- One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1 lakh combined limit – is the combined limit 1 or 1.5 lakhs

    2. in 14-15 IT calculator, unable to enter value against Employee’s contribution to PF

    Could you pl update on this & update in the database



    • Pankaj Batra says

      1. It should be combined limit of 1.5 lakh
      2. Please enter employee EPF contribution in Row 124.

  10. Vijay says

    Hi Pankaj,

    In the 2014-15 (AY 2015-16) Tax calculation sheet, please suggest where to put the “super-annualtion” component as mentioned in my CTC.

    Thanks in Advance.

  11. Prateek Agarwal says

    Do the Form 15G/ H is applicable for a Sweep Account?

  12. Prateek Agarwal says

    Is there any limitation that SALARIED ones cannot go with Form 15G/ H?

    • Pankaj Batra says

      As such there is no rule for salaried class, but yes if your salary income along with bank interests is more than 2.5 lakh for year, you should not be submitting form 15G/H.

  13. Sandeep says

    Hello Pankaj,

    Very helpful article for salaried employees. Could you please write also for trader(whose business is purely trading like intraday) ? No good article available on net. Hope you can manage some time for all traders.

    Sandeep Agarwal

    • Pankaj Batra says

      For traders/businessmen/professionals the computation is not straight forward and very complex.
      So a simple excel may not be able to capture all requirements there.

      • Sandeep says

        Firstly, Great thanks for the reply. I agree with you.

        At least, can I ask you to open an article or reply here on the specific attributes available for tax saving for a full time trade for example –
        1. Internet
        2. Advisory
        3. Hardware depreciation.

        Above 3 are merely examples I found on net. I am not sure how many such specifics are available for one for tax exemption. I read somewhere electricity and mobile bills can be also used and so on.

        Just the bullet points as I have shown above will be enough if you can provide complete list.

        • Pankaj Batra says

          Internet, advisory services fees paid, hardware purchase can be included in business expenses.
          Similarly phone, electricity expense can be also added if you can show that these are used for business purposes.

  14. Sachin says

    Does the interest generated on FD(fixed deposit) done for tax saving for a period of 5 yrs are taxable when matured ?

    Also for a FY year, if bank interest I received from my bank account is Rs 8000 and short term FD interst matured is around Rs 23000. My total salary earning is let say 400K. How much additional tax will be levied from by bank and short term FD in above case.

    • Pankaj Batra says

      Interest on fixed deposits are taxable on accrual basis. So every year you will have to show interest on it in your return.

      Bank can only deduct 10% TDS on interest if total interest outgo is more than 10,000 for year from all accounts hold by you with that bank.

  15. Sachin says

    If one salary is 2 lakhs and FD generated interest is 14000 for a FY year. Is it taxable ?

    Does FD interest for a FY year also include interest generated in saving account ? My saving account interest in Rs 1500.

    • Pankaj Batra says

      All interests are taxable, be it fixed deposit or saving bank account interest. It would be included into income from other sources.
      However, there is a tax benefit available for saving bank interest upto Rs 10,000 u/s 80TTA.

      As per latest slab rates, there is no tax upto Rs 2.5 lakh taxable income. So if your taxable salary is 2 lakhs and interest from fixed deposits is 14,000. There won’t be any tax payable.

  16. Jumbo says

    Please help me to understand what is the tax exemption in perquisites (private sector employee) like – Professional development, Car expenses reimbursement, Driver salary? In the excel 2014-15_V2207 it showing 100% if submit receipts. Medical reimburesemnet is showing Rs. 15000/year.

    • Pankaj Batra says

      Perquisites are not included in income when employer reimburse your expenses on actual basis. So they become non taxable.
      Medical reimbursement has fixed upper limit of Rs 15000 per year, whereas for others upper limit is not defined.

  17. Prateek Agarwal says

    Hi Pankaj,
    In the file ‘Income_Tax_Calculator_2013-14_v0805.xls’, what could be the probable reason of mismatch in the figures against Row no. 62-Balance Salary & Row No. 64 Net Taxable Salary?

    • Pankaj Batra says

      Row 64 = Row 62 – (professional tax + Gift from relatives + agricultural income + gift from non-relatives only if amount is less than 50K + LTCG from equities + deduction towards leave availed)

      • Prateek Agarwal says

        But Pankaj, what has been mentioned/ subtracted under brackets are not applicable. Then what could be the probable reason of MISMATCH?

        • Pankaj Batra says

          Please send your file to pankaj at so that we can have a look into it.

  18. A.P. says

    Dear Sir,
    Just got a Notice from Income Tax Department subjecting “NON reflection of Transaction in your return of income for Assessment Year 2012-2013”
    Stating following;

    1. This has come to the notice of Income Tax Department that you have not filed return of income despite carrying out substantial sale of immovable property as under;
    Rs.9,75,000/- in the office of Sub-Registrar on 14-Feb-12
    2. It appears that the stamp valuation of this property is made at Rs.11,97,600/- and you have paid a stamp duty of Rs.61,300/-
    3. The difference between Stamp Valuation and Sale Consideration is required to be added to the Capital Gain as per the provisions of section 50C of the I.T.Act.
    4. You are required to explain to ITO WD1 (2), within 15 days of receipt of this letter the reason for not reflecting the above transaction in your return of income.

    Above notice was on my younger brother’s name (who was assigned a Power of Attorney by My Mother for doing all formalise during sale of home in year of 2012)

    Above home was purchased by my mother in year of 2000 and sold in Feb-2012

    My Mother being a housewife, not filling any income tax return.

    Request you to please help me in the crises aroused. Please help I am in big tension.
    A.P., Guajrat

    • Pankaj Batra says

      IT department is right in raising this concern.
      PAN number of your brother may have been provided while sale registration and this make him responsible for showing this sale transaction in his income tax return.
      He would need to compute capital gains on this property and show same to IT department now and they would then ask you to pay income tax on gains amount with late payment penalty.

      • A.P. says

        Capitan aroused from sale of home was invested in 2013 for construction of home above commercial property purchased by my late father around 1997/98 which we held in hereditary jointly on name of my mother, self and my younger brother.

        • Pankaj Batra says

          First, there is no tax benefit on purchase of commercial property.
          Second, even if amount is reinvested for tax saving, the tax benefit has to be declared in ITR.

          • A.P. says

            Dear sir,
            I have following query:
            IT Dept. in notice saying in 1st point that “you have not filed return of income despite of carrying out substantial sale of immovable property Rs.9,75,000/- in the office of Sub-Registrar on 14-Feb-12”
            Now my Questyion-1 is : Subject sale of home done by my younger brother who is assigned a power of attorney done by my mother and myself for doing all formalities.
            Now if at all this income to be shown in income tax then only my younger brother to saw this income in his income tax (b’coz subject notice is on name of my younger brother only). Or we all three being an owner of the home we have to divide equally and to show in out individual income tax.
            IT Dept. in notice saying in 2nd point that; “It appears that the stamp valuation of this property is made at Rs.11,97,600/- and you have paid a stamp duty of Rs.61,300/-“
            Now my Question-2 is : If at all there is a difference between stamp valuation based on 9,75,000/- Vs 11,97,600/- as per my understanding it has to be borne by buyer?? (Buyer to ensure correct stamp duty while making deed, isn’t it??)
            IT Dept. in notice saying in 2nd point that; “The difference between Stamp Valuation and Sale Consideration is required to be added to the Capital Gain as per the provisions of section 50C of the I.T.Act.”
            Now my Question-3 is : I understand that IT dept. saying to include capital income of 11,97,600/- in income tax computation where question-1 applied who to consider or to show this income???
            Now my Question-4 question is : If at all this capital income to be shown in income of any of us (to be cleared/decided in question-1) is there any way to save income tax ??
            We have following things done after sale of subject home:
            Capitan aroused from sale of home was invested in 2012-13 for construction of new home above plot purchased by my late father around 1997/98 which we held in hereditary jointly on name of my mother, self and my younger brother. (plot plan of the same approved in this year 2014)
            Can my brother show above new home construction as an investment of capital gain aroused from sale of subject home?? In order to save income tax on capital gain???

            • Pankaj Batra says

              1. All owners must divide the gains in the same ration in which they owned property.
              2. Buyer is responsible for correct stamp duty, but it depends on declared sale price, which should not be below minimum circle rates as provided by government.
              3. In case property is sold at a price less than govt notified rate, capital gain would be computed as per govt rate only.
              4. Yes, sale consideration can be used in construction of new house to save tax u/s 54F. But for that too, it was to be shown in ITR of FY 2011-12. Now as that was not declared, assessing officer may deny exemption.

  19. Jaime says

    Sir, What proof do i need to submit for getting deduction under Sec 80E? Will my Bank’s Loan ac statement suffice (as it doesn’t show the interest and principle component separately) or will I have to get it from the bank personally?

    • Pankaj Batra says

      You need to get interest certificate from your bank. Banks issue it free of cost at the end of every financial year.

  20. SAGAR says

    sir, i have filled ITR-1 retruns in july. i have filled it with my friends. my friends have credited the refund amount. my refund amount id Rs.16090. CPC/1415/G4/110769578. how can i get that status of refunds and call in IT DEPARTMENT.

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