80gg
This query is : Resolved
01 March 2014
plz explain section 80gg in detail
02 March 2014
80GG is a deduction available to individual for the rent paid where he/she is not in receipt of HRA.
the deduction is lower of:
a. rent paid - 10% of the salary
b. Rs 2000 per month
c. 25% of the total income for the year
this deduction wont be applicable
a)if the assessee, his/her spouse or minor kids owns a residence at the place where he perform duties of his office or employment, business/profession
b) or where residence owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined 16[under clause (a) of sub-section (2) or, as the case may be, clause (a) of sub-section (4) of section 23].
the deduction is lower of:
a. rent paid - 10% of the salary
b. Rs 2000 per month
c. 25% of the total income for the year
this deduction wont be applicable
a)if the assessee, his/her spouse or minor kids owns a residence at the place where he perform duties of his office or employment, business/profession
b) or where residence owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined 16[under clause (a) of sub-section (2) or, as the case may be, clause (a) of sub-section (4) of section 23].
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