exemption u/s 80G

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Rajeev (Querist)
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03 March 2009 what is the limit of u/s 80G. suppose i got Rs. 10,00,000.00 p.a. & my investment is under section 80C Rs. 40,000.00, i want to give a donation to a registered trust of Rs. 3,00,000.00 then what amount is exempt u/s 80G.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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03 March 2009 Well, if it is a private trust with 50% exmption eligibility than , you eligible exemption shall be limited to GTI-Deduction u/s80C to 80U. In this case 10% of 940000/-.

Rajeev

Rajeev (Querist)
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03 March 2009 you mean:
1000000-40000=960000*10%=96000
or
150000*50%=75000

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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03 March 2009 Your donation amount eligible for deduction shall be 96000. On this amount you will get benefit of 50%, ie 48000/-. If you are in bracket of 30% slab then your tax saving will be 48000*30% = 14400/- only.

Rajeev

Rajeev (Querist)
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03 March 2009 Thanx:)