26 March 2019
M a salary earner...don't file 12bb wid my employer...for ay 2019.-20 n paying rent of rs 96000 pa...I want to claim deduction in respect of this...can I get it .if I claim in my itar Plz...do reply...ty
27 March 2019
Dear Dhanashri, In case you don't receive HRA, you can claim deduction of rentals paid under sec 80GG of income tax act after fulfilling the following conditions : #You are self-employed or salaried #You have not received HRA at any time during the year for which you are claiming 80GG #You or your spouse or your minor child or HUF of which you are a member – do not own any residential accommodation at the place where you currently reside, perform duties of the office, or employment or carry on business or profession. # In case you own any residential property at any place, for which your Income from house Property is calculated under applicable sections (as a self-occupied property), no deduction under section 80GG is allowed.
You will be required to file Form 10BA with details of payment of rent. Deduction –the lowest of these will be considered as the deduction under this section-
(a) Rs 5,000 per month
(b) 25% of the total Income (income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG).
(c) Actual Rent less 10% of Income (income to exclude long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also, income is before making a deduction under section 80GG).
28 March 2019
FORM 10BA is Declaration u/s 80GG. in case you want to claim deduction u/s 80GG than you have to mandatory file Form 10BA to declare rent which you are paying for residing in house.
28 March 2019
Log in to e-filing account on IT Department webiste. Navigate to e-file > Prepare and Submit Online Form (Other than ITR) Select FORM NO. 10BA from the drop down and select the relevant Assessment Year. Enter the details, preview and submit.
CAclubindia
