Chartered Accountant
4780 Points
Joined March 2009
Amount of deduction under section 80GG
So, how much can you claim as deductible u/s 80GG?
The amount allowed as deduction is the minimum of the following:
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Rent / lease amount paid less 10% of your total income
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Rs. 2,000 per month
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25% of your total income
Here, Total Income means:
Your Gross Total Income
Less long term capital gain, and short term capital gain that would be charged at a concessional tax rate (like STCG from sale of shares)
Less all deductions other than the deduction under Section 80GG