Income Tax relief under 80GG, It’s individuals who do not receive House Rent Allowance (HRA) from their employer but still pay rent for their accommodation.
This provision applies to self-employed individuals, salaried employees, and professionals.
To qualify for the Income tax exemption under Section 80GG, the following criteria must be meet:
The taxpayer must be an individual who does not receive HRA from their employer.
The individual, their spouse, or minor child should not own a residential property at the place of employment.
The taxpayer must pay rent for the accommodation.
The accommodation should not be own by the taxpayer, spouse, minor child, or any Hindu Undivided Family (HUF) of which the taxpayer is a member.
The maximum amount of tax exemption that can be claime Income Tax relief under Section 80GG is the least of the following:
Rs. 5,000 per month
25% of the individual’s total income for the financial year
Actual rent paid minus 10% of the individual’s total income for the financial year
To claim the exemption, the individual must file Form 10BA along with their income tax return. The form requires providing details of the landlord, rent paid, and a declaration stating that no other deduction has been claimed for the rent paid.
To visit https://www.gst.gov.in/
