SEC 80GG PAYMENT IN RESPECT OF RENT PAID
QUANTUM OF DEDUCTION :-
1. EXCESS OF RENT PAID OVER 10% OF ADJUSTED TOTAL INCOME
2. 25% OF ADJUSTED TOTAL INCOME
3 2000 PER MONTH
ADJUSTED TOTAL INCOME IS ARRIVED AS FOLLOWS:-
GROSS TOTAL INCOME
LESS
1.SHORT TERM CAPITAL GAIN(111A)
2. LONG TERM CAPITAL GAIN
3. 80C TO 80U EXEPT 80GG
4 INCOME IN SEC 115A,115AB,115AC,115AD
BUT IT DOES NOT MENTION 115BB INCOME FROM LOTTERIES .SO MY QUERRY IS THAT
IS LOTTERY INCOME DEDUCTABLE FROM GROSS TOTAL INCOME FOR COMPUTING ADJUSTED GROSS TOTAL INCOME UNDER 80GG?
CAclubindia
