SECTION 80GG
Satish Kumar (186 Points)
06 December 2017
sir how to calculate the deduction amount in section 80GG if 6500 rupees are paid as monthly rent
18 Replies
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 06 December 2017
Deduction under sec 80GG avialable to Self employed and businessman and even on Salaried employees. If a person is paying rent for than deduction will avilable-
Minimum of below
1) Rent paid in excess of 10% of adjusted total income
2) 5000 per month
3)25% of adjusted total income.
conditions:
1) must live on rent
2) dont own any house in same city
3) not receiving HRA in case of salary employees
If you have house in any other city and you use it for own residence than also deduction under this sec not available.
Satish Kumar
(186 Points)
Replied 06 December 2017
thank u sir..but m unable to calculate the amount.. which of these three option of amount can be selected....m paying 6500 per month and gross annual income (basic) 450000
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 06 December 2017
is there any deduction in 80c, LIC , ppf Or School fees of kids
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 06 December 2017
Tax laibility for you
GTA 450000
Deduction: NIL
ATI: 450000
u/s 80GG :(33000)
TTI: 417000
Satish Kumar
(186 Points)
Replied 06 December 2017
I mean which of that three options opted and how... sir
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 06 December 2017
calculate the 3 and the lowest will deducted.
Tell me your PPF amount.
Satish Kumar
(186 Points)
Replied 06 December 2017
sir I can calculate 2nd and 3rd option...Plzzz can u give the calculation of 1st option
Satish Kumar
(186 Points)
Replied 06 December 2017
sir I can calculate 2nd and 3rd option...Plzzz can u give the calculation of 1st option
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 07 December 2017
GTI: 450000
80C: (150000)
ATI: 300000
80GG: (48000)
TTI: 252000
Rebate u/s 87A: 200
Tax required to pay : NIL
Satish Kumar
(186 Points)
Replied 07 December 2017
thanks sir... what amount should be entered during filing in declaration form 10BA. e.g. 48000 or 78000 as it is the amount paid to the landlord
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