sir,
how much rent allowance eligible in income tax
15 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 04 October 2020
If you are receiving HRA (House rent allowance) from your Employer than you can claim HRA Deduction u/s 10(13A) for rent Paid.
If you are not receiving HRA or you are a self employed person than you can claim Deduction under section 80GG for rent Paid.
If you are not receiving HRA or you are a self employed person than you can claim Deduction under section 80GG for rent Paid.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 04 October 2020
The deduction available is the least of the following amounts:
a. Actual HRA received;
b. 50% of [basic salary + DA] for those living in metro cities (40% for non-metros); or
c. Actual rent paid less 10% of basic salary + DA
a. Actual HRA received;
b. 50% of [basic salary + DA] for those living in metro cities (40% for non-metros); or
c. Actual rent paid less 10% of basic salary + DA
Nidhi
(Chief Accountant)
(3150 Points)
Replied 04 October 2020
And 80GG deduction up to which limits
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 04 October 2020
The least of the will be considered as the deduction under this section:
a. Rs 5,000 per month;
b. 25% of adjusted total income;
c. Actual Rent less 10% of adjusted total Income
a. Rs 5,000 per month;
b. 25% of adjusted total income;
c. Actual Rent less 10% of adjusted total Income
Nidhi
(Chief Accountant)
(3150 Points)
Replied 04 October 2020
Adjusted total income means which income, out income as per tax
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 04 October 2020
Adjusted Total Income means Total Income Less long-term capital gain, short-term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U (except deduction under section 80GG).
Nidhi
(Chief Accountant)
(3150 Points)
Replied 04 October 2020
Can I claim both allowance if I residing in rented premises
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 04 October 2020
No, madam you can not claim both at a time
If received HRA - than claim HRA
If not received HRA - than Claim 80GG
If received HRA - than claim HRA
If not received HRA - than Claim 80GG
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 11 October 2020
Most welcome............😊
ayusmita
(Tax consultant)
(5885 Points)
Replied 11 October 2020
If a pensioner giving rent is he eligible
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