Deduction for rent paid under section 80GG. Exemption for rent paid under section 80GG, the deduction for rent paid under section 80GG, section 80GG for payment of rent, deduction under section 80GG for rent paid for housing, there are some sections in Income Tax Act where most people do not pay much attention as these are very rare. Is effective in this case. Section 80GG of the Income-tax Act can be referred to as such a section.
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Section 80GG Overview
Reduction for rent paid for the house and
only applicable to those who are self-employed or for whom HRA is not paid
The lowest of the following will be
allowed as a discount
Rent reduced by 10% of total income before
this deduction Rs. 5,000 25% of total income per month (excluding the long-term
capital gain, short-term capital gain under section 111A or income under
section 115A or 115D)
Please note: You must fill out Form 10BA to claim this minus.
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F.Y.2021-22
Discount for rent paid under section 80GG
As per the Income Tax Act 1961, who are
not getting the House Rent from his/her employer for rent paid for his
accommodation under any other department, he can make the same claim U/s 80GG.
Some more conditions have to be fulfilled for this such as:
(1) If the person is not receiving house
rent allowance from his employer or his salary does not include house rent the allowance which qualifies for exemption under section 10 (13A) of the Act, he
is eligible to claim a tax deduction for your house rent expenses Was spent
for.
(2) Personally submits a declaration on
Form No. 10BA.
(3) The place in which he normally resides
or is in charge of his office or conducts his business or profession is not
owned
Any residential accommodation he or she or
his wife or minor child or HUF of which he is a part is not the owner of any
residential accommodation.
(4) Elsewhere
Any residential accommodation is the
occupation of a person by profession, the value of which must be determined in
accordance with section 23 (2) (a) or section 23 (4) (a).
Must read - Discount for grants under
section 80G
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Exemption under section 80GG:
The following minimum amount of exemption
is given under section 80GG of the Income-tax Act, 1961:
(1) House Rent paid in extra of 10% of the
total income *
(2) 25% of total income *
(3). 5000 rupees per month.
If the appraiser has a house in another city and uses that house for his own accommodation and does not rent, he cannot claim deduction under section 80GG even though he lives in a rented house and assumes office responsibilities where he rents.
* Total income:
(A) Total Income: XXXX
Less:
(B) All long-term capital gains. XXXX
(C) Short capital gain which attracts 10%
tax. XXXX
(D) Decreases under 80c to 80u sections
except for 80GG. XXXX.
**** Total income. XXXXX
Example:
Mr. Provas, for example, earns Rs. Pays
10,000 monthly rent for.
Total income. = 10,00,000a
(-) Long term cap profit = 50,000
(-) Discount for the investment of Sukanya
Samridhi Yojana = 100000
Hense the actual income for the 80GG is
Rs. 8,50,0000.
Download Automated Income Tax Salary Arrears Relief Calculator
U/s 89(1) with Form 10 E from the F.Y.2000-01 to F.Y.2021-2(Updated Version)
