Rent paid deduction is limited by ownership exclusions, prescribed conditions, and a statutory ceiling on allowable relief. Deduction in respect of rent paid is available in computing total income where rent has actually been paid for residential accommodation occupied by the assessee for his own use, subject to declaration in the prescribed form and prescribed conditions. The deduction is limited to the least of actual rent reduced by ten per cent of total income, a monthly ceiling of Rs. 5,000, or twenty-five per cent of total income, and is denied where the assessee or specified family members own residential accommodation at the relevant place or where the assessee receives exempt house rent allowance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rent paid deduction is limited by ownership exclusions, prescribed conditions, and a statutory ceiling on allowable relief.
Deduction in respect of rent paid is available in computing total income where rent has actually been paid for residential accommodation occupied by the assessee for his own use, subject to declaration in the prescribed form and prescribed conditions. The deduction is limited to the least of actual rent reduced by ten per cent of total income, a monthly ceiling of Rs. 5,000, or twenty-five per cent of total income, and is denied where the assessee or specified family members own residential accommodation at the relevant place or where the assessee receives exempt house rent allowance.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
