Regarding income tax return

543 views 1 replies

Dear Experts,

I have professional income from 01.04.2011 to 31.12.2011 and salary income from 01.01.12 to 31.3.2012. TDS deducted by employer in section 194J. i want to know that what types of deduction can claim in income tax return. I am paying 6500 house rent. can i claim HRA & other Expense? plz respond to my mail id asap as i have to filed the income tax return.

surjit2669 @ gmail.com

Replies (1)

HRA CAN BE CLAIMED ONLY IF IT IS GIVEN BY EMPLOYER OTHERWISE YOU CAN CLAIM DEDUCTION FOR RENT PAID  AS UNDER:

 

Deduction under section 80GG for house rent paid:Deduction u/s 80GG is available if following condition are satisfied



  • Deduction is available to Individual Assessee only.
  • He has not received HRA(house rent allownace ) from his employer if he is a salaried person otherwise he should be self employed.
  • He has paid house rent for his own residence.
  • He or his spouse or his minor child or HUF(of which he has a member) should not have a residential house where he ordinarily resides or performs duties of his office or employment or carries on his business or profession;
  • He should not have a house owned by him, which is under his occupation and value of that is not being taken as nil under section 23(2)(a) or 23(4).
  • declaration on Form 10BA should be submitted .

so if conditions are satisfied then he can claim deduction u/s 80GG for house rent paid

Amount of deduction:Least of the following is deductible u/s 80GG



  1. Rs 2000 per month for the Assessment year 1987-88 onwards.
  2. 25 % of total income
  3. the excess of actual rent paid over 10 % of total income


Read more: https://www.simpletaxindia.net/2009/01/hra-exemption-to-pensioners-meaning-of.html#ixzz20yVjHL74

 

ALSO U CAN TAKE CREDIT OF TDS DEDUCTED BY EMPLOYER.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register