I am a proprietor living in a rented house.
Can I claim IT tax rebated for the rent laid.
yes, u can claim u/s.80GG
2 Replies
Swathi
(CA & CMA)
(103 Points)
Replied 09 March 2019
Hello,
Yes, You can claim deduction u/s 80GG towards rent that you pay.
Eligibility will be the lower of the following -
1.) Rent paid minus 10 percent the adjusted total income. (adjusted 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);
2) Rs.5000 per month;
3) 25% of the adjusted total income.
Provided, the individual not owned any residential house at any other place which he is occupying, and the concessions in respect of self-occupied house are claimed by him for that property.In the said case, the individual not eligible to avail section 80GG benefit even if the individual does not own any residential accommodation at the place where he ordinary resides.
Regards,
Swathi.
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