Sec 80gg

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HUKAM SINGH BAGGA

HUKAM SINGH BAGGA (Querist)
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14 July 2013 Please let me know in details.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 July 2013 Deductions is respect of rents paid (Section 80GG):

Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence.

Deduction available is the least of

1) Rent paid less 10% of total income
2) Rs. 2000/- per month i.e. Maximum Deduction available is 24,000/-
3) 25% of total income, provided

a) Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
b) He should not be in receipt of house rent allowance.
c) He should not have self occupied residential premises in any other place.

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