Section 80GG

Section 80GG Deduction on Rent Paid

Income Tax - Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]...

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Section 80GG: Deduction in respect of Rent Paid

Income Tax - Section 80GG of Income Tax Act, 1961 (Deduction in respect of Rent Paid) According to Section 80GG an individual can claim deduction of expenditure incurred in respect of furnished or unfurnished accommodation occupied by such individual for the purpose of his/her own residence to the extent as allowed by income tax department subject to ...

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Difference between HRA & Section 80GG & their calculations

Income Tax - Difference between House Rent Allowance(HRA) & Section 80GG for Rent Paid? & their calculations as per the Income-tax Act: An assessee who stays in a rented house can reduce tax liability by claiming exemption on HRA or deduction u/s 80GG. Let us understand the terms What is the House Rent Allowance (HRA)? House Rent Allowance [&h...

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Trust Registration under section 10(23C), 12A, 12AA, 12AB, 80G

Income Tax - Key Notes on Direct Taxation (Income Tax) For UNION BUDGET 2020 FOR APPLICATION AND VALIDITY OF REGISTRATION FOR TRUST/INSTITUTION U/S 10(23C), SECTION 12A, 12AA, 12AB, 80G of the Income Tax Act, 1961. The process of approval and registration of trusts, institutions, funds, university, hospital etc. proposed to be rationalised with effect...

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House Rent And Its Impact on Income Tax Computation

Income Tax - House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]...

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Recent Posts in "Section 80GG"

Section 80GG Deduction on Rent Paid

Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]...

Read More
Posted Under: Income Tax |

Section 80GG: Deduction in respect of Rent Paid

Section 80GG of Income Tax Act, 1961 (Deduction in respect of Rent Paid) According to Section 80GG an individual can claim deduction of expenditure incurred in respect of furnished or unfurnished accommodation occupied by such individual for the purpose of his/her own residence to the extent as allowed by income tax department subject to ...

Read More
Posted Under: Income Tax |

Difference between HRA & Section 80GG & their calculations

Difference between House Rent Allowance(HRA) & Section 80GG for Rent Paid? & their calculations as per the Income-tax Act: An assessee who stays in a rented house can reduce tax liability by claiming exemption on HRA or deduction u/s 80GG. Let us understand the terms What is the House Rent Allowance (HRA)? House Rent Allowance [&h...

Read More
Posted Under: Income Tax |

Trust Registration under section 10(23C), 12A, 12AA, 12AB, 80G

Key Notes on Direct Taxation (Income Tax) For UNION BUDGET 2020 FOR APPLICATION AND VALIDITY OF REGISTRATION FOR TRUST/INSTITUTION U/S 10(23C), SECTION 12A, 12AA, 12AB, 80G of the Income Tax Act, 1961. The process of approval and registration of trusts, institutions, funds, university, hospital etc. proposed to be rationalised with effect...

Read More
Posted Under: Income Tax |

House Rent And Its Impact on Income Tax Computation

House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]...

Read More
Posted Under: Income Tax |

Utility for computation of Deduction of Rent for Non-Salaried Individuals – 80GG

Rent Deduction U/s 80GG Utility Section 80GG, of Income Tax Act 1961-2020 An assessee  not being person claiming deduction of House Rent Allowance (HRA) or by whatever name its called u/s 10(13A) is eligible to claim deduction under this section. Conditions to be met for this deduction : Assessee or his spouse or minor child […]...

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Posted Under: Income Tax |

Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Posted Under: Income Tax |

HRA Taxability & Section 80GG Deduction on Rent Paid

House Rent Allowance (HRA) is a common component of the salary structure. Although HRA is a part of the salary, unlike basic salary, is not entirely taxable. Subject to certain conditions, a part of HRA gets exempted under Section 10 (13A) of the Income-tax Act. The tax benefit on HRA is available only to a salaried individual who has the...

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HRA: How to compute exemption

What is House Rent Allowance? Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay....

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Posted Under: Income Tax |

All you wanted to know about Tax Exemption on HRA

Along with the rest of the country, the salaried class waits for the annual budget to be announced each year. They look up to the government to provide them with higher take home pay by way of increase in tax free income and lowering of tax slabs. They also look for some relief through savings options providing tax benefits. Sometimes the...

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Posted Under: Income Tax |

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