Deduction for rent: limits and exclusions restrict residential rent relief to specified thresholds and ownership exceptions. Deductions are allowed for rent paid for furnished or unfurnished accommodation used as the assessee's residence, only where rent exceeds 10% of total income and subject to a ceiling of Rs. 5000 per month or 25% of total income for the tax year, whichever is less; the percentages are measured against total income before this deduction. Prescribed conditions regarding area or place may apply. No deduction is permissible where the accommodation is owned by the assessee, specified relatives or the family at the place of ordinary residence or duty, where an owned accommodation is valued under specified valuation provisions, or where the assessee has income in the listed schedule.
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Provisions expressly mentioned in the judgment/order text.
Deduction for rent: limits and exclusions restrict residential rent relief to specified thresholds and ownership exceptions.
Deductions are allowed for rent paid for furnished or unfurnished accommodation used as the assessee's residence, only where rent exceeds 10% of total income and subject to a ceiling of Rs. 5000 per month or 25% of total income for the tax year, whichever is less; the percentages are measured against total income before this deduction. Prescribed conditions regarding area or place may apply. No deduction is permissible where the accommodation is owned by the assessee, specified relatives or the family at the place of ordinary residence or duty, where an owned accommodation is valued under specified valuation provisions, or where the assessee has income in the listed schedule.
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