80gg
This query is : Resolved
04 August 2015
80GG is for employees but if a company give any property on rent and paying rent for other property, can it be adjusted?
eg: office is on rent and paying Rs. 50000/- as rent.
Purchased an office and gave on rent and receiving Rs. 60000/-
Can this be adjusted for company?
eg: office is on rent and paying Rs. 50000/- as rent.
Purchased an office and gave on rent and receiving Rs. 60000/-
Can this be adjusted for company?
04 August 2015
no, this adj is not allowed...
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CA AnKiT BoHrA (AB)
(Expert)
04 August 2015
nopes dear............
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CA Kumar Mukesh
(Expert)
04 August 2015
These both transactions have different characteristics and have different treatment also....
Rent paid will be allowed as expenses under section 30/31
And rent received will be taxable as income from house property..
Rent paid will be allowed as expenses under section 30/31
And rent received will be taxable as income from house property..
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05 August 2015
i want to clarify one thing.
This deduction is applicable for individuals who are paying rent and they may or may not be receiving hra but from where will the rent which they receive come from? as per my understanding it can be from employer i.e.hra or from the builder in case of redevlopment but can the employee have his own house? and claim this deduction?
This deduction is applicable for individuals who are paying rent and they may or may not be receiving hra but from where will the rent which they receive come from? as per my understanding it can be from employer i.e.hra or from the builder in case of redevlopment but can the employee have his own house? and claim this deduction?
CA Kumar Mukesh
(Expert)
05 August 2015
An employee can claim either HRA or Deduction u/s 80GG. Its depent upon you where you get maximum rebate..
And further if an employee already have house property in same local city and also occupied by him then he can't claim rebate any of them...
And further if an employee already have house property in same local city and also occupied by him then he can't claim rebate any of them...
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