Income Tax Deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
I draw a STIPEND of RS 40,000 a month and it does not include any HRA element..Can i avail the deduction for the rent that i pay.If Yes under which section and upto which limits..Also if you could tell me whether investing in the Infrastructure bond is an option i should avail of as the returns are very low..
17 January 2011
You can avail the deduction u/s.80GG the limit is as follows
minimum of the
1.Rs.2000 per month
2. 25% of Gross total income
3. 10% of Gross total income less actual rent paid
minimum of the
1.Rs.2000 per month
2. 25% of Gross total income
3. 10% of Gross total income less actual rent paid
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17 January 2011
Quantum of deduction for rent paid
The deduction shall be the minimum of the following amounts:
* Rs. 2000 per month
* 25 percent of the Adjusted Total Income
* The excess of actual rent paid over 10 per cent of Adjusted total Income
Adjusted Total Income for calculation of deduction u/s 80GG
Adjusted total income, for the purpose, means the gross total income as reduced by:
* Long-term capital gains
* All deduction u/s 80CCC to 80U excepting deduction u/s 80GG
* Any income referred to in section 115A to 115D
Quantum of deduction for rent paid
The deduction shall be the minimum of the following amounts:
* Rs. 2000 per month
* 25 percent of the Adjusted Total Income
* The excess of actual rent paid over 10 per cent of Adjusted total Income
Adjusted Total Income for calculation of deduction u/s 80GG
Adjusted total income, for the purpose, means the gross total income as reduced by:
* Long-term capital gains
* All deduction u/s 80CCC to 80U excepting deduction u/s 80GG
* Any income referred to in section 115A to 115D
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