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rent paid calculation under?

pathak mihir (189 Points)

21 January 2019

if we are paying rent 10000 per month it is deduction in which part under standard deduction or 80c or???

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5 Replies

Mehul Bhanushali (CA in Practice) (174 Points)
Replied 21 January 2019

Deduction u/s 80GG

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pathak mihir (189 Points)
Replied 21 January 2019

upto how much we can claim in one financial year as mine is 1,20,000 per year.

Mehul Bhanushali (CA in Practice) (174 Points)
Replied 21 January 2019

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).