sir,
how much rent allowance eligible in income tax
Menu
Rent allowance eligible..
Replies (15)
Quick Summary
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
Recent Topics :
- Can we get registered for MCA if we get a Virtual
- DONATION PAYMENT REG
- GST IDS Refund – Statement 01A: Invoice Not
- TDS deposit code & TDS return
- AIS VS GST Mismatch- FY 2025-26
- Gross total income
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
Related Topics :
CAclubindia
