Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > 80GG. Deduction in Respect of Rent Paid
80GG. Deduction in Respect of Rent Paid Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80GG. Deduction in Respect of Rent Paid Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is Section 80GG of the Income Tax Act? |  |
Ans. Section 80GG of the Income Tax Act allows individuals to claim a deduction in respect of the rent paid for their accommodation if they do not receive any house rent allowance (HRA) from their employer.
| 2. Can anyone claim deduction under Section 80GG? | |
Ans. No, not everyone can claim a deduction under Section 80GG. Only individuals who fulfill certain conditions, such as not receiving HRA and not owning a residential property in the location where they are employed or doing business, are eligible to claim this deduction.
| 3. How much deduction can be claimed under Section 80GG? | |
Ans. The deduction under Section 80GG is calculated as the least of the following three amounts:
1. Rent paid minus 10% of the total income
2. Rs. 5,000 per month
3. 25% of the total income
| 4. Can a self-employed person claim deduction under Section 80GG? | |
Ans. Yes, self-employed individuals can claim a deduction under Section 80GG, provided they meet the conditions mentioned earlier. They must not receive HRA and must not own a residential property in the location where they are conducting their business.
| 5. Is there any documentation required to claim deduction under Section 80GG? | |
Ans. Yes, individuals claiming a deduction under Section 80GG need to submit Form 10BA along with their income tax return. This form requires details such as the name and address of the landlord, landlord's PAN (if available), and the amount of rent paid. It is essential to maintain proper rent receipts and other relevant documents as proof of payment.
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Dec 20, 2024 Last updated |
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