sec 80gg

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?

Replies (4)

Your query is not clear.

Sec. 80GG pertains to deduction in respect of rents paid

Originally posted by : PANKAJ

IS LOTTERY INCOME DEDUCTABLE FROM ADJUSTED TOTAL INCOME UNDER SEC 80GG.?

no deduction shall be available from income from lottery, crossword puzzle, card games or horse races etc. u/s 80 (not only 80GG)

Dear Pankaj,

For computing Adjusted Gross Total Income (AGTI), Income from lottries, etc is not deducted.

Though deduction is not allowed from "lottery income" but the same is not reduced for computing Adjusted GTI.

for calculating Adjusted income, no need to income form littries is consider... so the littries income not to be deductied form total income okk

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