sir,
how much rent allowance eligible in income tax
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Rent allowance eligible..
Replies (15)
Refer sec 10(13A) of income tax act.
If you are receiving HRA (House rent allowance) from your Employer than you can claim HRA Deduction u/s 10(13A) for rent Paid.
If you are not receiving HRA or you are a self employed person than you can claim Deduction under section 80GG for rent Paid.
If you are not receiving HRA or you are a self employed person than you can claim Deduction under section 80GG for rent Paid.
How much HRA allow
The deduction available is the least of the following amounts:
a. Actual HRA received;
b. 50% of [basic salary + DA] for those living in metro cities (40% for non-metros); or
c. Actual rent paid less 10% of basic salary + DA
a. Actual HRA received;
b. 50% of [basic salary + DA] for those living in metro cities (40% for non-metros); or
c. Actual rent paid less 10% of basic salary + DA
And 80GG deduction up to which limits
The least of the will be considered as the deduction under this section:
a. Rs 5,000 per month;
b. 25% of adjusted total income;
c. Actual Rent less 10% of adjusted total Income
a. Rs 5,000 per month;
b. 25% of adjusted total income;
c. Actual Rent less 10% of adjusted total Income
Adjusted total income means which income, out income as per tax
Adjusted Total Income means Total Income Less long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U (except deduction under section 80GG).
Can I claim both allowance if I residing in rented premises
No, madam you can not claim both at a time
If received HRA - than claim HRA
If not received HRA - than Claim 80GG
If received HRA - than claim HRA
If not received HRA - than Claim 80GG
Thank you, sir
Thank you to all. 🤝
Most welcome............😊
If a pensioner giving rent is he eligible
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