Rent claim in it return
This query is : Resolved
05 August 2014
Dear Sir,
I am working with a MNC. Let me know how can I fill rent amount I paid in IT return (8GG). When I am filling this area the amount is showing maximum Rs.24,000/- only. Actually I paid nearly 1,62,000/- per year.
I am working with a MNC. Let me know how can I fill rent amount I paid in IT return (8GG). When I am filling this area the amount is showing maximum Rs.24,000/- only. Actually I paid nearly 1,62,000/- per year.
05 August 2014
Maximum Allowable Limit is Rs.24000 U/s 80GG
Eligibility for 80GG tax rebate
If you are a salaried individual, a self employed person or an HUF you can get deduction under section 80GG on the rent you pay if you satisfy the following conditions:
- More than 10% of your annual income is spent on rent.
- Neither you nor your spouse or a minor child owns a house at the place where you are ordinarily residing.
- If you own a house at any other place you have not been claiming tax concession on income from that house (making annual value of it nil for computing income from house property).
You would have to submit a declaration in form 10BA and enter amount while filing Income Tax Returns in order to claim this tax deduction.
Maximum deduction limit under 80GG
The least of the following three can be claimed:
- Rs 2,000 per month
- 25% of total income (total income except from long term capital gains and after all chapter VI A deductions have been accounted for, except 80GG, of course)
- Actual rent minus 10% of total income (calculated as above)
Eligibility for 80GG tax rebate
If you are a salaried individual, a self employed person or an HUF you can get deduction under section 80GG on the rent you pay if you satisfy the following conditions:
- More than 10% of your annual income is spent on rent.
- Neither you nor your spouse or a minor child owns a house at the place where you are ordinarily residing.
- If you own a house at any other place you have not been claiming tax concession on income from that house (making annual value of it nil for computing income from house property).
You would have to submit a declaration in form 10BA and enter amount while filing Income Tax Returns in order to claim this tax deduction.
Maximum deduction limit under 80GG
The least of the following three can be claimed:
- Rs 2,000 per month
- 25% of total income (total income except from long term capital gains and after all chapter VI A deductions have been accounted for, except 80GG, of course)
- Actual rent minus 10% of total income (calculated as above)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- NRI starting business in India
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- EXPORT COMMERCIAL INVOICE HSN CODE
- Capital gain on sale and purchase of plot
- Form 140 tds
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
