80g deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2012 Donation Made to Trust Exemption under 12AA of Income Tax act.
50% Limit but not exceed 10& adjust GTI.

Now, Say 5 Lacs is Adjusted GTI Calculation, & 50000/- Donation Made.
Then 50% of 50000 = 25000
but not exceeding 10% of adjusted GTI i.e. 50000.
so here 25000 is allowed...
right ?

@VaibhavJ

@VaibhavJ (Expert)
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05 November 2012 Hi

Thats correct..

Thanks//Vaibhav
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Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 First is to Calculate is 10 % of Adjusted GTI.
After That 50% of 10%.
But Not Exceeding Donation Made.

and You are Asking for Thanks.??

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@VaibhavJ

@VaibhavJ (Expert)
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06 November 2012 Hello Mr. Anonymous..

First of all dare to show who you are instead of hiding your fake identity!!

50% of 10% is applicable when 10% GTI is less than donation amount..

Here 10% of GTI is Rs. 50,000/- and donation is also Rs. 50,000/-

Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=558694
kindly update ur knowledge..

See link for details...

http://taxguru.in/income-tax/all-about-deduction-under-section-80g-of-the-income-tax-act-1961-for-donation.html

As far as asking about thank is concerned i am reiterating the forum rule only..

I am not obliging to thank, if you want to appreciate than you may thank..

You may go to other website where you are asked to pay for geting answered single query then you will realise the value for free advice.

Thanks//Vaibhav