section 80G... urgent sir....

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harshit (Querist)

23 January 2008 our company employee was given Rs.100000/-to charitable foundation on that how much amount will be qualified for tax exemption u/s 80G

On that 50% amount (50000/- ) allowable or not ?

pl.sir solve my query

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

23 January 2008 Your question lacks clarity:

1)Who has given the money?
2)To whom it was given company employee or charitable Foundation?
3)If it is charitable foundation, is there approval by It dept to exempt donations u/s 80G to the foundation?

harshit

harshit (Querist)

23 January 2008 Our company employee given donation to outside charitable trust, it was approved by it department (on that letter shown exemptin u/s80G)

Rs.100000/- given how much amount exempted ?

pl.sir

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

23 January 2008 If it is an approved charitable institution as stated in subsection (5) of section 80G, for receiving donations, then the employee who donated can claim deduction upto 50% of donation, which again is subject to the provisions of sub-section(4)of section 80G regarding ceiling of the deduction amount, viz., upto ten percent of gross total income.

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)

29 January 2008 For the purpose of TDS calculation it can not be considered while calculating his tax liablity.Althougt he can claim only in his return of income and that to his donation should not exceed 10/- of his gross total income after deducting chapter vi deduction. On that amount 50% is allowable u/s 80G.

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