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80gg deduction
shall we claim 80gg for profession when we opted 44ADA
Replies (2)
yes you can claim deduction under 80 gg ,rent paid excess of 10% of his total income to the extent such excess expenditure dose not exceed 5000 per month or 25% of total Income .
Yes you can claim the LEAST of the following Amount
1) 5000 pm
2) 25% of adjusted total income
3) Rent paid (minus) 10% of Adjusted total income
Here Adjusted total income means Income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG.
1) 5000 pm
2) 25% of adjusted total income
3) Rent paid (minus) 10% of Adjusted total income
Here Adjusted total income means Income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG.
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