80gg applicability
This query is : Resolved
25 December 2021
Hi,
I work with a PSU Bank.
I do not get HRA.
I am staying on Rent of Rs. 20,000
My employer pays Rs. 14000 to the landlord towards rent. I pay Rs. 6000 to the landlord towards rent.
Can I claim deduction under 80GG?
Rs.14000 paid by my employer is being shown as perquisite in my Form No 12
I work with a PSU Bank.
I do not get HRA.
I am staying on Rent of Rs. 20,000
My employer pays Rs. 14000 to the landlord towards rent. I pay Rs. 6000 to the landlord towards rent.
Can I claim deduction under 80GG?
Rs.14000 paid by my employer is being shown as perquisite in my Form No 12
25 December 2021
Yes, you can claim 80GG
Maximum allowed Rs.5000 PM subject to other limits and with a declaration Form 10BA
Maximum allowed Rs.5000 PM subject to other limits and with a declaration Form 10BA
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25 December 2021
Thanks..
It is applicable even if I pay only a part of the rent? (other part of the rent is paid by employer)
It is applicable even if I pay only a part of the rent? (other part of the rent is paid by employer)
25 December 2021
80GG not allowed for part payment of rent.
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26 December 2021
Thank you Sir
Can you please share references, if any for part payment
Can you please share references, if any for part payment
26 December 2021
Deduction under Section 80GG
The following conditions need to be met to claim deduction under this section:
The individual should not be in receipt of any House Rent Allowance from his employer.
The individual has filed a declaration in Form No 10BA.
The assesse or his spouse or minor child or HUF of which he is a member, should not own any residential house property at the place where he ordinarily resides or performs office duties or causes his business or profession.
The assesse should not own any residential accommodation in his or her own occupation, at any other place, whose value is to be determined as per Sec 23(2)(a) or Sec 23(4)(a).
Part of the rent paid by the employer will be considered as HRA payment.
The following conditions need to be met to claim deduction under this section:
The individual should not be in receipt of any House Rent Allowance from his employer.
The individual has filed a declaration in Form No 10BA.
The assesse or his spouse or minor child or HUF of which he is a member, should not own any residential house property at the place where he ordinarily resides or performs office duties or causes his business or profession.
The assesse should not own any residential accommodation in his or her own occupation, at any other place, whose value is to be determined as per Sec 23(2)(a) or Sec 23(4)(a).
Part of the rent paid by the employer will be considered as HRA payment.
26 December 2021
Thank you Sir
The part rent paid by the employer has been shown by the employer as perquisite, will this change enable me to claim 80gg?
The part rent paid by the employer has been shown by the employer as perquisite, will this change enable me to claim 80gg?
26 December 2021
Get also the opinion of other experts.
02 January 2022
Whether the perquisite added to taxable income under form 16?
02 January 2022
Yes, it is treated as a accomodation (non monetary perquisite) and TDS paid
The leave and license agreement is between the bank and the landlord. Bank deducts 6000 from my salary and remits total 20,000 to the landlord (14000 borne by bank)
The leave and license agreement is between the bank and the landlord. Bank deducts 6000 from my salary and remits total 20,000 to the landlord (14000 borne by bank)
02 January 2022
Now, clarify the tax-ability of the perquisite (amount Rs 14.000/- * 12months) as per form 16.
Whether the same has been added to your salary income or tax-free?
Whether the same has been added to your salary income or tax-free?
02 January 2022
Sir,
it has been added to salary income.
Form 12B Contains:
Accomodation: Rs....... (14000*12)
+ Other Perquisities: Rs....
+Perquisite Tax borne by Employer: Rs....
Total Perquisites: Rs..... (x)
Form 16 Contains:
Gross Salary
+...Value of Perquisites: Rs. X
it has been added to salary income.
Form 12B Contains:
Accomodation: Rs....... (14000*12)
+ Other Perquisities: Rs....
+Perquisite Tax borne by Employer: Rs....
Total Perquisites: Rs..... (x)
Form 16 Contains:
Gross Salary
+...Value of Perquisites: Rs. X
03 January 2022
Now clarify that the tax over the non-monetary perquisites is born by your employer.
03 January 2022
Yes...it is borne by my employer and this tax paid by employer is added to my income
03 January 2022
Tax paid & not the perquisite itself, .... It is taxfree in your hand, isn't it?
03 January 2022
For a layman, a perquisite is a benefit received by an employee in excess of his salary. Section 10(10CC) of the I-T Act is an exemption of tax paid by the employer on perquisites not provided by way of monetary payment from being treated as further income of the employee. Tax is paid by the employer on non-monetary perquisites and is exempt in the hands of the employee under this Section.
03 January 2022
Waiting for your clarification ..
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