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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 15, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Binay on Feb 15, 2023Hindi

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Hi, My gross salary is 1204260, paying home EMI - 19400 pm and a health medical insurance of 16780 annually. please advice, currently using old tax regime. Thanks

Ans: It seems that the old tax remine will be better for you. Still, to be in the safer side, do check it here yourself please: https://cleartax.in/paytax/taxcalculator

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Binay - Feb 05, 2023Hindi

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Hi, My gross salary is 1204260, paying home EMI - 19400 pm and a health medical insurance of 16780 annually. please advice, currently using old tax regime. Thanks

Ans: As you are taking benefits of Rs.2.49 lakhs, new tax regime is likely to be beneficial as per budget proposed for FY 2023-24

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Hi my salary annualy is 15 lakh. which tax regime should i opt for?i I have home loan,80c 1.5 lakh and health insurance 12000annually

Ans: Person earning income from salary, repaying housing loan interest of Rs.200000, taking deduction of 1.5 lacs and mediclaim of 12000; likely save tax under old tax regime

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I earn 1200000 per annum. I am paying home rent 180000 per annum, have a deduction in ELSS 150000, mediclaim of 28000. which tax regime will be better for me. please advise. Thanks... Narendra S Pandit.

Ans: Person having income from salary can take deduction of rent depending on HRA included in salary structure. Based on available facts, new scheme is likely to be beneficial for FY 2023-24, however, you can compare tax liability under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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Question by monish - Apr 13, 2023Hindi

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Hi, my salary is 15 lakhs per annum , 1.5 lkhs investment in 80c , 25,000 medical insurance. Which tax regime i should opt for ?

Ans: New scheme is likely to beneficial for FY 2023-24.

You can compare the tax liability under both regime at https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

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Question by Deepak - Feb 10, 2025Hindi

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Dear Sir. My salary per month is Rs1,20,000. The only investment I have made is two houses for which I am paying Rs45000 EMI every Month. Since I am paying debts the following is the breakup, Monthly Salary: Rs1,20,000 Housing Loan EMI: Rs 45,000 Paying my friends who lend money + personal Loan: Rs 35,000 (which will not be considered for TAX) For Another six months I have to pay to finish the loans and Pay friends. Jewel Loan - 7lakh remaining Monthly EMI: Rs10,000 (which will not be considered for TAX) Monthly household expenses + Kids Van fees + Kids Music class Fees: Rs.25000 SIP Monthly-Not Tax saving SIP's : Rs.5,000 (From OCT 2024 -Feb 2025 Saved Rs.25,000 so far.) Total: 45000 + 35000 + 10000 + 25000 + 5000 = Rs. 1,20,000 Since this is my state of my expenses. Please tell me should I opt for Old Tax Regime or New Tax Regime. Thank you Sir.

Ans: Your Income for the year is :
Salary Rs.14.40 (@Rs.1,20,000.00 pm).
Housing Loan EMI Rs.45,000.00 needs to segregated into Repayment & Interest Paid, to work out exact details.
All your other expenses or Repayments or Savings shall not give you any tax benefits.
On the face of it, new tax regime seems suitable in your case.
Most welcome for any further clarifications. Thanks.

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