80gg

This query is : Resolved

riddhi (Querist)
Follow

04 August 2015 80GG is for employees but if a company give any property on rent and paying rent for other property, can it be adjusted?

eg: office is on rent and paying Rs. 50000/- as rent.

Purchased an office and gave on rent and receiving Rs. 60000/-

Can this be adjusted for company?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

04 August 2015 no, this adj is not allowed...

Message likes : 1 times

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
Follow

04 August 2015 nopes dear............

Message likes : 1 times

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

04 August 2015 These both transactions have different characteristics and have different treatment also....

Rent paid will be allowed as expenses under section 30/31

And rent received will be taxable as income from house property..

Message likes : 1 times

riddhi

riddhi (Querist)
Follow

05 August 2015 i want to clarify one thing.

This deduction is applicable for individuals who are paying rent and they may or may not be receiving hra but from where will the rent which they receive come from? as per my understanding it can be from employer i.e.hra or from the builder in case of redevlopment but can the employee have his own house? and claim this deduction?

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

05 August 2015 An employee can claim either HRA or Deduction u/s 80GG. Its depent upon you where you get maximum rebate..

And further if an employee already have house property in same local city and also occupied by him then he can't claim rebate any of them...

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now