08 November 2010
Dear Sir I purchased a new house in Feb-10. Can I claim 80GG for period Apr-09 to Jan-10. How to calculate this for 10 months. Thanks Arun Mahajan
08 November 2010
I think you can claim deduction u/s 80GG for 10 month period ( april 09 to Jan 2010).
amount will be lease of 1. 2000 per month ( 20000) 2. 25% of total income ( for the related period) 3. excess of actual rent paid over 10% of total income ( for 10 months period)
10 November 2010
Thanks Shailesh Ji Please explain how to calculate 10% of income after adjusting all other deductions under sec 80. I need to take 10 months income for this calculation. and LIC or other investments till Jan-10 need to consider or full year LIC.
Second there is condition "There is no other self occupied house in your name." So this condition is true for part of year not full year.
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