Deduction under sec 80GG avialable to Self employed and businessman and even on Salaried employees. If a person is paying rent for than deduction will avilable-
Minimum of below
1) Rent paid in excess of 10% of adjusted total income
2) 5000 per month
3)25% of adjusted total income.
conditions:
1) must live on rent
2) dont own any house in same city
3) not receiving HRA in case of salary employees
If you have house in any other city and you use it for own residence than also deduction under this sec not available.
is there any deduction in 80c, LIC , ppf Or School fees of kids
Tax laibility for you
GTA 450000
Deduction: NIL
ATI: 450000
u/s 80GG :(33000)
TTI: 417000
calculate the 3 and the lowest will deducted.
Tell me your PPF amount.
GTI: 450000
80C: (150000)
ATI: 300000
80GG: (48000)
TTI: 252000
Rebate u/s 87A: 200
Tax required to pay : NIL
All your TDS will refunded.
CAclubindia
