25 April 2018
Sir I gets HRA 5000/Month and i pay rent rs 7000/ month. Can i get any exemption or deduction under section 80GG. If yes, do i need to submit rent receipts to income tax dept.
25 April 2018
Maximum deduction allowed u/s 80GG allowed other than salary person whose component of HRA not in salary structure or component than can claim rent under 80GG for HRA received deduction claimed u/s 10(13a)least of the three. 1) Rent paid minus 10 percent the adjusted total income. 2) Rs 5,000 per month (wef F.Y. 2016-17). 3) 25 percent of the adjusted total income.
The adjusted total income means :-
Gross Total Income
Less
Long Term Capital Gain,
Short Term Capital Gain of 10% category,
Deductions under sections 80C to 80U except section 80GG and income of foreign company.