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deductn u/s 80GG

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Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2011 To,

Dear Experts

My CTC is 30000/- p.m., including all, co. educting pforession tax Rs.200/- p.m. I am paying house rent Rs.6000/- p.m., Apart from this i am paying liC preimium Rs.25000/- yearly and invest in PPF Rs.15000/- yearly.

My question is that how much deduction will i get u/s.80GG.

Please provide me the working.

Thanks & Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 February 2011 The criteria for the computation of Deduction U/s 80GG -
a.2000/ per month
b. 25% of Total Income
c> Excess of Rent Paid over 10% of Total Income

Total Income
------------
Salary Income...............360000
Less : Profession Tax.........2400
..........................---------
Net Salary Income...........357600
Less: DEduction U/s 80C .....40000
..........................---------
Total Income................317600

(24000, 79400,(72000-31760))
Deduction U/s 80GG is 2000x12=Rs.24000

For claiming the deduction you have to fulfill certain conditions also.

Which you may refer U/s 80GG.

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