Income tax _80gg
This query is : Resolved
20 September 2021
Can deduction under section 80GG be claimed if the rent is paid in cash?If yes, is there any limit for the payment of rent in cash?
Thanks in Advance
Thanks in Advance
20 September 2021
As per section 80GG w.r.t. Rule 11B, the assessee has to file Declaration under Form 10BA. There you have to declare total amount of rent paid by Cash/Cheque.
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20 September 2021
Thank you sir for your prompt reply.
Is there any limit for payment of rent in cash?
Is there any limit for payment of rent in cash?
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20 September 2021
As such there is no limit specified, because the maximum deduction P.M. is only Rs. 5,000/- subject to the following conditions.
Quantum of deduction shall be the least of the following:
a. Actual Rent paid minus 10 percent the adjusted total income.
b. 5,000/- per month.
c. 25% of Adjusted Total Income.
Quantum of deduction shall be the least of the following:
a. Actual Rent paid minus 10 percent the adjusted total income.
b. 5,000/- per month.
c. 25% of Adjusted Total Income.
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