80gg

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 Dear Sir,
Gross salary in fy 2012-13 - 357000/-
Rent paid during the fy 2012-13 is rs. 120000/-

How much amount can be claim u/s 80gg in above case?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 August 2013 Maximum Dedcution U/s 80GG is Rs. 24000/-.
.
Criteria- Least of the following-

1. Rent paid in excess of 10% of Salary
2. 25% of Adjusted Total Income (Income after Allowing deductions of Chapter VIA except 80GG)
3. 24000.
.

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 Sir, Whichever is less in above 3 points that will be applicable?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 August 2013 Yes- I have already mentioned as "least of the following". It is having the same meaning.
.

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