TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 80GG Deduction: Individual with Rs. 3,00,000 income and Rs. 1,50,000 rent gets Rs. 24,000 deduction.</h1> An individual with an annual income of 3,00,000 and an annual rent payment of 1,50,000 is eligible for a deduction under Section 80GG of the Income Tax Act. The deduction is calculated as the least of three amounts: 24,000 per annum (2,000 per month), the rent paid minus 10% of total income (1,20,000), or 25% of total income (75,000). Therefore, the allowable deduction is 24,000.
TaxTMI 
TaxTMI 