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Section
– 80GG of Income-tax Act, 1961-2015 – Deduction in respect of rents paid
subject to ceiling and under the condition that HRA which is an falling with
Section 10 (13A) is not received
AMOUNT OF DEDUCTION ALLOWED UNDER SECTION 80GG FOR RENT
PAID
The
Deduction allowed under Section 80GG for payment of Rent shall be the least of
the following:-
1.
Rs. 2,000 per month
2.
Rent Paid (minus)
10% of the total income
3.
25% of the total income of the taxpayer for the year
Total
Income means Total Income of the taxpayer for the year before claiming any
deduction under Section 80GG. Moreover, the total rent paid for Furnished/Semi-Furnished House
would be considered for the purpose of claiming deduction under Section 80GG.
Section
80 GG excludes Tax Payers / assessees who are in receipt
of income as HRA which falls within the purview of Section 10 (13A). So,
whoever receives HRA will not be entitled to this deduction
Deductions in respect of rents paid.
80GG. In computing the total
income of an assessee, not being an assessee having any income falling within
clause (13A) of section 10, there shall be deducted any expenditure
incurred by him in excess of ten per cent of his total income towards payment
of rent (by whatever name called) in respect of any furnished or unfurnished
accommodation occupied by him for the purposes of his own residence, to the
extent to which such excess expenditure does not exceed two thousand rupees per
month or twenty-five per cent of his total income for the year, whichever is
less, and subject to such other conditions or limitations as may be prescribed
54, having regard to the area or place in which such accommodation is situated
and other relevant considerations :
Provided that nothing in this
section shall apply to an assessee in any case where any residential
accommodation is
(i) owned by the
assessee or by his spouse or minor child or, where such assessee is a member of
a Hindu undivided family, by such family at the place where he ordinarily
resides or performs duties of his office or employment or carries on his business
or profession; or
(ii) owned by the
assessee at any other place, being accommodation in the occupation of the
assessee, the value of which is to be determined under clause (a) of
sub-section (2) or, as the case may be, clause (a) of sub-section (4)
of section 23.
Explanation.—In this
section, the expressions “ten per cent of his total income” and “twenty-five
per cent of his total income” shall mean ten per cent or twenty-five per cent,
as the case may be, of the assessee’s total income before allowing deduction
for any expenditure under this section.