Section 80g

ITR 406 views 1 replies

Dear  Sir, I am slightly confused about filing Income tax return for the Assessment year 2014-15. My Wife has  a Gross salary of Rs 7.18 lacs. After showing  showing  a deduction of Rs 0.87 lacs towards interest paid on housing loan, the Taxable limit comes to Rs 6.32 lacs. She has donated a sum of Rs 1.25 lacs to a Charitable institution for which a deduction of 50% from the total contribution is available. I desire to know what should be the maximum donation amount which is available for exemption?  What would be the amount that can be claimed as exemption for filing the ITR? Whether ITR1 can be used for filing the Return? She is haveing income only from salary. KIndly oblige me with your reply so that I can file her return in time.Are any original documents to be attached to ITR?

 

 

Replies (1)

Find out the least of the following:

a) Gross qualifying amount i.e. 1.25 lacs

b) Net qualifying amount = 10% of adjusted Gross Total Income (GTI)

Adjusted GTI = GTI - LTCG - STCG u/s 111A - Deductions u/s 80C to 80U (except 80G) - income on which tax is not payable - income referred u/s 115A, 115AB, 115AC or 115AD, if any

50% of (a) or (b) whichever is less, is deductible u/s 80G 

ITR1 can be used for filing return of income. No attachment is required with ITR.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register