Section 80GG – Exemption in respect of house rent paid, who have not get H.R.A., With Automated Master of Form 16 Part B for F.Y.2016-17

Latest Amended U/s  80GG have raised the limit from 2000/- to Rs. 5000/- as per Finance Bill 2016-17

  • Only individual and HUF are allowed exemption under this section.
  • Only rent paid for purpose of residence of assessee himself is considered under this section.
  • If an individual is a salaried employee and receives House Rent Allowance(HRA) at any time during the previous year, he is not eligible for deduction.
  • The individual, his spouse or minor child (including step or adopted child) or HUF of which he is a member must not own a residential accommodation at a place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession.
  • Also if the assessee (only assessee not any other person mentioned above) owns a residential accommodation at any other place but claims it as a self-occupied property under head House Property, the exemption is not available under this section.
  • Declaration of form 10BA is required to be filed.

Calculation of deduction:-

The amount deductible is least of the following:-

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Income Tax F.Y. 2016-17 A.Y. 2017-18 Exemptions, Deductions and Rebate for Salaried Employees for F.Y. 2016-17 A.Y. 2017-18, With Automated All in One TDS on Salary for Govt and Non-Govt employees for F.Y.2016-17

Income Tax F.Y.2016-17 A.Y. 2017-18, Exemptions, Deductions and Rebate for Salaried Employees under Section 10, Section 24, Section 89(1), Chapter VIA, and Section 87A as per the Finance Bill 2016-17.

Section 80C – Subject to the overall limit of Rs. 1,50,000 under Section 80CCE.

For investments in specified schemes, saving instruments etc.U/s 80C

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Employee’s Salary Structure