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DEDUCTION U/S 80GG : DEDUCTION FOR RENT PAID

 

  1. This deduction is for that individual who stays in a rented house.

 

  1. Such individual must pay rent for residential accommodation.

 

  1. Such individual is either
  • self employed

or

  • employee, but he is neither entitled to HRA nor Rent Free Accommodation.

 

  1. No residential accommodation should be owned by the
  • Assessee, or
  • His Spouse, or
  • His minor child, or
  • HUF (of which he is member)

at the place of residence or work of assessee.

 

  1. If  Assessee  owns any residential accommodation at any place other than place of residence or work, then it should not be as Self-occupied property.

 

If all the above conditions are satisfied then least of the following shall be allowed as deduction.

  • Rent paid - 10% of Adjusted total income
  • 25% of Adjusted total income
  • Rs.2,000 p.m.       

 

 

Adjusted total income means :

Gross total income

Less : LTCG

Less : STCG u/s 111A

Less : Deductions under chapter VIA except u/s 80GG

 

xxxx

xxxx

xxxx

 

Adjusted total income

 

xxxx

 

 

ID: 93 | Views: 1119 | Date: 04-05-2013| Posted By:

CA Mohit Jain



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