vaibhav (student) (221 Points)
29 December 2012
Rikin
(Learner)
(140 Points)
Replied 29 December 2012
80GG Coditions
1. No HRA received from company
2. No House is owned by Own/Spouse/HUF/Members of HUF...Where he/she works.
Deduction Available u/s 80GG only if it is more than 10% of total income...
and deduction is limited to the extent of
1. 2000 per month (Means 24000/- p.a.)
2. Maximum 25% of Total Income...Whicever is less.
For saving Tax...you can consider various deductions available under section 80.
By making Investment before 31/03/2013 you can claim deduction.
Thanks and Regards.
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 29 December 2012
| Originally posted by : Rikin | ||
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80GG Coditions 1. No HRA received from company 2. No House is owned by Own/Spouse/HUF/Members of HUF...Where he/she works. Deduction Available u/s 80GG only if it is more than 10% of total income... and deduction is limited to the extent of 1. 2000 per month (Means 24000/- p.a.) 2. Maximum 25% of Total Income...Whicever is less. For saving Tax...you can consider various deductions available under section 80. By making Investment before 31/03/2013 you can claim deduction. Thanks and Regards. |
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VR. Chockalingam
(Article Assistant)
(27 Points)
Replied 29 December 2012
| Originally posted by : vaibhav | ||
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Dear I am having salary 285000 PA. I want to ask you how can I save the tax. Please give me some one time investment scheme. I want to know what are the prerequisites to get deductions in 80GG. ( Rent payment.) I want know what are the attachments I must attach to my ITR for getting deductions us80GG...... Regards. Vaibhav. |
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Dear Vaibhav,
1. a)My advise for One time investment means you can invest in PPF - amount invested or Rs. 100,000, whichever is lower is allowed as deduction
b) You can invest in Equity Saving Scheme u/s. 80CCG - 50% of amount invested subject to a maximum of Rs. 25000 is allowed, investment lock - in period is 3 yrs from the date of acquisition. Provided if you claim this exemption in this year then you cannot claim any deduction under this section for any subsequent years.
2. 80 GG shall be applicable only if your employee is not giving you any HRA allowance, If you are residing in a rental premises. Provided You, your spouse, your child should not own any residential house property in the place where you resides, perform duties of office or employment.
Then you should file a declaration in form No. 10 BA regarding the expenditure incurred by you towards payment of rent.
Deduction :
1. Rs. 2000 pm (ie) Rs. 24,000
2. 25 % of ur salary (ie) Rs. 71,250
3. Rent paid - 10 % of your salary (ie) Rent paid - Rs. 28,500
which ever is lower shall be allowed as deduction.
CAclubindia
