Section 80GG Deduction for Rent Paid

Don’t you  receive  HRA from your employer

Typically, HRA is part of your salary and you can claim a discount for HRA. If you do not receive an HRA from your employer and make payments for rent for any furnished or unfurnished accommodation you occupy for your stay, you can claim a deduction under Section 80GG for the rent you pay. Here are some of the conditions that must be met –

  • You are self-employed or salaried
  • You did not receive HRA at any time during the year you claim 80GG
  • You, your spouse or your minor child in which you are a member do not have any residential housing in the place where you currently reside or perform office duties, work, work or occupation.
  • If you own any residential property anywhere, your income is calculated from the home within the applicable divisions (as a self-owned enterprise), no deduction is allowed under section 80GG.

You will be asked to submit a 10BA form with details of the rent payment.

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Discount – the lowest will be considered as a deduction under this section –

A Rs 5000 per month

(A) 25% of total income (income to exclude long-term capital gains, short-term capital gain under Section 111A and revenue under Section 115A or 115D and deductions 80C to 80U.

(B) actual rent less than 10% of income (income to exclude long-term capital gains, short-term capital gain under Section 111A and revenue under Section 115A or 115D and deductions 80C to 80U.

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Real Estate Tax planning for NRI’s

Sale of Property

Selling of property in India by NRI is taxable under u/s 195 of the Income Tax Act, 1961 & often entail a TDS of >20% of the total  sales proceeds of the property.

  • Certicom can help obtain you Nil Tax Deduction or Lower Tax Deduction with Income Tax Assessing Office.
  • In case, NRI seller is planning to re-invest capital gain we can also obtain for tax exemption certificate.
  • Once sorted, we can help NRI  file form 15CA and 15CB for repatriation of Funds.
  • After filing form 15CA and 15CB, money can be transferred to country of residence else money can be retained in NRO account in India.

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Certicom.in 

Complete end to end processing takes about 2-3 weeks being coordinated by a team of experts with activities like

–        Coordination with Buyers and Sellers

–        Valuation of Property & Documentation

–        Tax determination and levy

–        Coordination with Income Tax Deptt

–        Lower Tax Deduction Certificate

–        Repatriation of Funds Via 15CA, 15CB certificates

–        Income tax filing for the Involved parties

–        Assessment of Returns ( incl. Any demand, notice.. if any)

 Pl reach us on below contact details

+91-98453 77948 / 98800 52923

Email :  [email protected]; [email protected]

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