can an retired individual take
benefit of 80GG deduction if a new house is own by him under construction in same city where he resides in rented house.
thnx in advance for reply my query
10 Replies
Rohit Tulshyan
(158 Points)
Replied 11 January 2018
one of the condition of this section is you are a salaried or a self-employed person
not getting HRA
and not having house at the place of work
now a retired person is not a salaried person and not also a self employed...
so which is your place of work in this case.
not getting HRA
and not having house at the place of work
now a retired person is not a salaried person and not also a self employed...
so which is your place of work in this case.
saurabh chawla
(working)
(114 Points)
Replied 11 January 2018
rohit thnx for reply but I agree with ur points but few queries are there
1 a retired person earns other sources income so U can consider them self employed person
2 if he is not a owner of other residential accommodation any other place then likewise stated in 10BA then he can take benefit of 80gg
1 a retired person earns other sources income so U can consider them self employed person
2 if he is not a owner of other residential accommodation any other place then likewise stated in 10BA then he can take benefit of 80gg
Rohit Tulshyan
(158 Points)
Replied 11 January 2018
I think this section is eligible only when you ordinary resides at place...means you are not a permanent residents of that place/town.
the reson of resides should be and duties for salaried person
and a place of business in case of self employed person...
the word which I highlight in this Section is ORDINARY RESIDES..
the reson of resides should be and duties for salaried person
and a place of business in case of self employed person...
the word which I highlight in this Section is ORDINARY RESIDES..
saurabh chawla
(working)
(114 Points)
Replied 11 January 2018
rohit can U tell me if a person is self employed then to whom he submit form 10 BA
Rohit Tulshyan
(158 Points)
Replied 11 January 2018
Assessee has to submit Form 10BA online
from his/her e-filing account on IT
Department website.
Here are the steps to file Form-1 0BA
Log in to e-filing account on IT Department webiste.Navigate to e-file > Prepare and Submit Online Form (Other than ITR)
Select FORM NO. 10BA from the drop down and select the relevant Assessment YearEnter the details, preview and submit
Form 10BA contains following details:
Taxpayer’s Name and PAN,Address of rental property,Rent paid,Name and Address of Landlord.
It is advisable to submit Form 10BA before filing income tax return and claiming deduction under section 80GG.
from his/her e-filing account on IT
Department website.
Here are the steps to file Form-1 0BA
Log in to e-filing account on IT Department webiste.Navigate to e-file > Prepare and Submit Online Form (Other than ITR)
Select FORM NO. 10BA from the drop down and select the relevant Assessment YearEnter the details, preview and submit
Form 10BA contains following details:
Taxpayer’s Name and PAN,Address of rental property,Rent paid,Name and Address of Landlord.
It is advisable to submit Form 10BA before filing income tax return and claiming deduction under section 80GG.
saurabh chawla
(working)
(114 Points)
Replied 11 January 2018
can any tax planning is possible for retired person who pay rent bcoz his own house is under construction in same city but different sectors
Rohit Tulshyan
(158 Points)
Replied 12 January 2018
as per my knowledge no.
my knowledge is limited now because I am in CA intermediate now.
my knowledge is limited now because I am in CA intermediate now.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 12 January 2018
until the house property is under construction, you can claim 80gg deduction
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