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Tax Exemption : School Donations and Property Brokerages

CuriousMind (NA) (126 Points)

11 July 2023

Dear CAs/Tax Experts ,

Can you please clarify , under which section of income tax , we can claim tax exemptions for 1) school donation amounts 2) property rent brokerages

Regards

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Sanjana Mohanty (100 Points)
Replied 17 July 2023

School donations may qualify for tax exemptions under Section 80G of the Income Tax Act. However, specific conditions and limits apply. It is advisable to consult a tax expert or Chartered Accountant for accurate guidance regarding eligibility and documentation requirements.Property rent brokerages are generally considered as business income and are subject to taxation. However, certain deductions and exemptions may be applicable based on the expenses incurred in generating this income. It is recommended to consult a tax expert or Chartered Accountant for proper guidance on claiming exemptions related to property rent brokerages.