Deduction under section - 80gg
This query is : Resolved
20 June 2018
What if My rent paid amount is Rs. 60000 and my (AGTI) Adjusted Gross Total income is Rs.775000, than what would be my Deduction amount under section 80GG?
Since lowest of Following:
1) 5000*12= Rs 60,000
2) 25% of AGTI (i.e. 775000)= Rs. 193750
3) Rent Paid – 10% of AGTI (i.e 60000- 77500)= -17500
Since lowest of Following:
1) 5000*12= Rs 60,000
2) 25% of AGTI (i.e. 775000)= Rs. 193750
3) Rent Paid – 10% of AGTI (i.e 60000- 77500)= -17500
21 June 2018
in 3rd point it will be excess of rent paid over AGIT, since your rent paid doesn't exceeds AGIT so it will be zero
So you exemption will be 0
21 June 2018
80GG benefit is not available, since criteria 3 is zero, least of above three consider for 80GG benifit
21 June 2018
Value its won't come in 80 GG as the result is zero
23 June 2018
Dear All,
Thankyou very much for your useful reverts.
Regards
Tarun Ahuja
Thankyou very much for your useful reverts.
Regards
Tarun Ahuja
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