About section 80gg

This query is : Resolved

Report Abuse Follow Query Ask a Query

sonu

sonu (Querist)
Follow

29 January 2013 please tell me about section 80GG.
can self employed get the benefit of section 80GG.

@VaibhavJ

@VaibhavJ (Expert)
Follow

29 January 2013 Hi,

Deduction under section 80GG for house rent paid:Deduction u/s 80GG is available if following condition are satisfied

Deduction is available to Individual Assessee only.
He has not received HRA(house rent allownace ) from his employer if he is a salaried person otherwise he should be self employed.
He has paid house rent for his own residence.
He or his spouse or his minor child or HUF(of which he has a member) should not have a residential house where he ordinarily resides or performs duties of his office or employment or carries on his business or profession;
He should not have a house owned by him, which is under his occupation and value of that is not being taken as nil under section 23(2)(a) or 23(4).
A declaration on Form 10BA should be submitted .
so if conditions are satisfied then he can claim deduction u/s 80GG for house rent paid

Amount of deduction:Least of the following is deductible u/s 80GG

Rs 2000 per month for the Assessment year 1987-88 onwards.

25 % of total income

the excess of actual rent paid over 10 % of total income

Thanks!!

CA Prashant Gupta

CA Prashant Gupta (Expert)
Follow

29 January 2013 for 25% of total income.
Total income is calculated after excluding LTCG, STCG under sec 111A and income referred to in sec 115A or 115D and amount deductible under sec 80C to 80U except 80GG

rest is told by Mr. Vaibhav

Upgrade to CAclubindia Pro. Subscribe Now!