deduction of 80gg

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monu

monu (Querist)
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03 February 2010 sir,
please advice me of sec 80gg?
regards
monu

BALASUBRAMANYA B N

BALASUBRAMANYA B N (Expert)
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03 February 2010 Expenditure in excess of 10% of total income incurred by an assessee (not in receipt of house rent allowance) on payment of rent in respect of residential accomodation occupied by him for his own residence is allowed deduction upto Rs. 2,000- per month or 25% of total income, whichever is less.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 February 2010 Dear Manoj

Sec.80GG deductions available for self employed and employed but not receiving any House rent allowance from the employer.

for getting exemption you need to file form 10BA with AO whenever necessary

Amount of deduction lease of the above

1.Rs.2000 p.m
2.25 % of total income
3.Actual rent paid - 10 % of total income

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