Hello Sir,
I am a salaried individual. Every month I receive HRA of Rs 2000, whereas the rent that i pay every month is Rs 8000. So, as per section 10 if i calculate the amount exempt from tax, the lowest in my case out of the three provisions is the actual hra received and it comes out to be 2000 * 12 = Rs 24000.
As per section 80GG, the maximum rent amount that can be exempted from tax is Rs 60,000.
My question is that since my HRA is way lower than the rent that i pay, can i claim deduction u/s 80GG instead of claiming HRA so that i can claim Rs 60000 deduction instead of Rs 24000.
Thanks in advance.
CAclubindia
