Deduction U/S 80G

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harish (Querist)
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17 January 2009 Dear sir,

DEDUCTION U/S 80G AS HRA

What is its right way to calculation.

Pls. give me it in full detail.

Harish
ACCOUNTANT CUM CPT STUDENT.
09313022338

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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17 January 2009 80GGA is deductin avalable to those assessee,s who are not an employees

SECTION 80GG

DEDUCTION IN RESPECT OF RENT PAID
Persons Covered

Any assessee other than assessee having income falling u/s 10(13A) (i.e., House Rent Allowance).
Eligible Amount

Any expenditure incurred by him on payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation in excess of 10% of his total income, before making any deduction under this section.

Relevant

Conditions/Points

1.

The Individual should pay rent for his residential accommodation, whether furnished or unfurnished.
2.

The Individual is either self employed or if he is an employee he is neither entitled to any House rent allowance nor a Rent free accommodation.
3.

The assessee should file a declaration in Form No. 10BA along with return of income.
4.

The Individual, his/ her spouse/ minor child/ HUF if which he/ she is a member does not any residential accommodation, at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession.

*

Even if the assessee owns any residential accommodation then it should not be claimed as a self occupied property under Income from House Property head.

Extent of Deduction

Exempt to the extent of LEAST of the following:

1.

Rs. 2,000 per month; or
2.

25% of the total income (after allowing all deductions except under this section);

or

3.

Expenditure incurred in excess of 10% of the total income, wherein Adjusted Total

Income is calculated by reducing following from GTI

*

Amount deductible u/s 80C to 80U.
*

Income exempt u/s 10.
*

Long term Capital Gains
*

Short Term Capital Gains u/s 111A
*

Any Income u/s 115A.

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