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RENT DEDUCTION

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(Querist)
10 March 2010 IF INDIVIDUAL IS STAYING IN A RENTED HOUSE.AND HE IS EARNING ONLY SALARY INCOME THROUGHOUT THE YEAR.
CAN RENT PAID BY HIM FOR HIS HOUSE BE ALLOWED AS DEDUCTION FROM SALARY INCOME?
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CA Mohd. Ubaid

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CA Mohd. Ubaid (Expert)
10 March 2010 Rent Paid Can Not Be Deducted Directly From Salary But He Can Claim Deduction For Rent Paid u/s 80-GG.
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Dhaval

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Dhaval (Querist)
10 March 2010 what is the limit u/s 80-GG?
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CA Mohd. Ubaid

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CA Mohd. Ubaid (Expert)
10 March 2010 Deduction u/s 80-GG Shall Be Least of The Following:
1. Rs. 2000 Per Month, or
2. Excess of Rent Paid Over 10% of Adjusted Total Income, or
3. 25% of Adjusted Total Income.
ADJUSTED TOTAL INCOME Means Total Income As Reduced By
Long Term Capital Gain,
Short Term Capital Gain Referred to In Section 111A,
All Deductions u/s 80C to 80U, and
Income of NRIs Referred to in section 115AC etc. Not Relevant for a Resident.
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