Claiming tax deduction on rent paid via Sec 80GG
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Not eligible for HRA? Here's how you can claim tax deduction on rent paid
Section 80GG of the Income Tax Act allows claiming of tax deduction for the house rent paid for a self-employed or salaried person who has not received HRA. Here's all that you need to know about it:
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What the deduction is for
Section 80GG of the Income Tax Act allows claiming of tax deduction for the house rent paid for accommodation.
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Who can use it
Only a self-employed person or a salaried person who has not received HRA at any time during the year is eligible for this deduction.
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Ownership of property
The individual, his/her spouse or minor child should not own a property in the city he lives in.
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Amount of deduction
The deduction permitted is the least of the following: Rs 60,000 per year (Rs 5,000 per month); the total rent paid minus 10% of the total income; 25% of adjusted total income of employee.
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How to avail the deduction
The claimant needs to file Form 10BA declaring that he does not claim benefit for a self-occupied property in the city where he works or in any other location.
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)