An assesse claiming deduction u/s 80GG would required to give declaration u/s form 10BA...???
mannu
(1/2 CA)
(589 Points)
Replied 11 July 2012
Extent of Deduction u/s 80GG -Lower of (a) Rs. 2,000 per month, or (b) 25% of the total income (after allowing all deductions except under this section), or (c) Expenditure incurred in excess of 10% of the total income (after allowing all deductions except under this section).
point C not cleared pls explain~
Any individual can claim the deduction u/s 80GG. Irrespective of whether you are a salaried individual, or a business person, you can claim deduction under Sec 80GG.
Of course, you need to be paying rent, and for your own accommodation.
Thus, if you are paying rent for a house where your parents live, you can not claim deduction u/s 80GG. Similarly, if you are staying in a house but your spouse is paying the rent, you can not claim any deduction.
You can claim deduction for either furnished or unfurnished accommodation.
You can not claim deduction u/s 80GG if:
The amount allowed as deduction is the minimum of the following:
You need to declare that you are paying the rent. This has to be done by filling up and filing from 10-BA.
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