Deduction in respect of rent paid
This query is : Resolved
02 February 2011
I would like to know how much deduction is allowed under the IT Act in respect of a person staying in a rented accommodation. Pl reply and also quote the section under which allowed.
02 February 2011
An assessee is entitled to a deduction in respect of house rent paid by him in excess of 10 percent of his total income, subject to a ceiling of 25 percent thereof or Rs.2,000 per month, whichever is Less. The total income for working out these percentages will be computed before making any deduction U/S 8OGG;
02 February 2011
Conditions for the above :
the assessee has not been in receipt of any house rent allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
the assessee does not own
i) any residential accommodation himself or by his spouse or minor child or where such assessee is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or
ii) at any other place, any residential accommodation being accommodation in the occupation of the assessee.
the assessee has not been in receipt of any house rent allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act;
the assessee does not own
i) any residential accommodation himself or by his spouse or minor child or where such assessee is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or
ii) at any other place, any residential accommodation being accommodation in the occupation of the assessee.
Guest
Guest
(Expert)
02 February 2011
Agree with Mr. Jha
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