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…
Tag: Income Tax Section 80GG Tax Benefit Rent
80GG – deduction on house rent paid| With Automated Income Tax Preparation Software All in One in Excel for the Govt and Non-Govt Employees for the F.Y.2022-23
80GG – deduction on rent paid | 80GG is a deduction under Chapter VI-A of the Income-tax Act, 1961. It was introduced to accommodate persons who do not receive housing assistance, but who pay rent for their accommodation. For example, a person can claim a rent deduction, even if they have not received a mortgage. Therefore, a person wishing to claim deductions under this section must be a self-employed person or employee. 80GG allows people to claim a deduction relating to rent paid. The rent paid is for personal occupancy. In other words, …