About section 80gg
This query is : Resolved
29 January 2013
please tell me about section 80GG.
can self employed get the benefit of section 80GG.
can self employed get the benefit of section 80GG.
29 January 2013
Hi,
Deduction under section 80GG for house rent paid:Deduction u/s 80GG is available if following condition are satisfied
Deduction is available to Individual Assessee only.
He has not received HRA(house rent allownace ) from his employer if he is a salaried person otherwise he should be self employed.
He has paid house rent for his own residence.
He or his spouse or his minor child or HUF(of which he has a member) should not have a residential house where he ordinarily resides or performs duties of his office or employment or carries on his business or profession;
He should not have a house owned by him, which is under his occupation and value of that is not being taken as nil under section 23(2)(a) or 23(4).
A declaration on Form 10BA should be submitted .
so if conditions are satisfied then he can claim deduction u/s 80GG for house rent paid
Amount of deduction:Least of the following is deductible u/s 80GG
Rs 2000 per month for the Assessment year 1987-88 onwards.
25 % of total income
the excess of actual rent paid over 10 % of total income
Thanks!!
Deduction under section 80GG for house rent paid:Deduction u/s 80GG is available if following condition are satisfied
Deduction is available to Individual Assessee only.
He has not received HRA(house rent allownace ) from his employer if he is a salaried person otherwise he should be self employed.
He has paid house rent for his own residence.
He or his spouse or his minor child or HUF(of which he has a member) should not have a residential house where he ordinarily resides or performs duties of his office or employment or carries on his business or profession;
He should not have a house owned by him, which is under his occupation and value of that is not being taken as nil under section 23(2)(a) or 23(4).
A declaration on Form 10BA should be submitted .
so if conditions are satisfied then he can claim deduction u/s 80GG for house rent paid
Amount of deduction:Least of the following is deductible u/s 80GG
Rs 2000 per month for the Assessment year 1987-88 onwards.
25 % of total income
the excess of actual rent paid over 10 % of total income
Thanks!!
29 January 2013
for 25% of total income.
Total income is calculated after excluding LTCG, STCG under sec 111A and income referred to in sec 115A or 115D and amount deductible under sec 80C to 80U except 80GG
rest is told by Mr. Vaibhav
Total income is calculated after excluding LTCG, STCG under sec 111A and income referred to in sec 115A or 115D and amount deductible under sec 80C to 80U except 80GG
rest is told by Mr. Vaibhav
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
