Section 80GG of the Income Tax Law establishes deductions related to the rental of housing based on certain conditions. Some of these involve being an individual or a Hindu Undivided Family (HUF), being self-employed or salaried, etc. One of the most important tax deductions available to us is the rent on the house. This is covered by Section 80GG of the Income Tax Law. This is especially helpful for employees who do not receive a rental housing allowance (HRA) from their employers. Deductions under Section 80GG In order for you…
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Automatic Income Tax Preparation Software in Excel All in One for the F.Y.2021-22 for the Govt and Non-Govt Employees with details of Tax Section 80 GG
Automatic Income Tax Preparation Software in Excel All in One for the F.Y.2021-22.It is known that the House Rent Allowances is not treated as the salary income As per the Income Tax Act, For most employees, the house rent allowance (HRA) is part of their salary income. However, some small, and medium-sized companies can pay employees a single amount without any break-up. For a hired employee to claim a deduction, the HRA should be part of his or her salary income. However, In the Income Tax Act, 1961 needed exemption against the rent paid to employees,…