RENT DEDUCTION
This query is : Resolved
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?
CAN RENT PAID BY HIM FOR HIS HOUSE BE ALLOWED AS DEDUCTION FROM SALARY INCOME?
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.
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.
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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