Rent paid in 80gg

Dear Sir,

Hope you are doing well !!

You can claim deduction under section 80GG towards rent that you pay only if few conditions that must be fulfilled 

• You are self-employed or salaried
• You have not received HRA at any time during the year for which you are claiming 80GG HRA component should not form part of your salary to claim 80GG.
• You or your spouse or your minor child or HUF of which you are a member – do not own any residential accommodation at the place where you currently reside, perform duties of the office, or employment or carry on business or profession.
• In case you own any residential property at any place, for which your Income from house property is calculated under applicable sections (as a self-occupied property), no deduction under section 80GG is allowed.

As you are having own residential property so you can not claim rebate u/s 80GG

You are neither self-employed nor salaried person therefore no deduction allowed u/s 80GG.

Please take a phone consultation to discuss in length.

Hello Sir,

Last year's ITR-1 had asked for only the aggregate amount of 'Income from other sources', but this year you will have give a detailed break-up of incomes while filing your return. 

A drop down menu has been given in the ITR form to select and choose the type(s) of income received by you. 

The drop down menu has five options: 

• Interest from Savings Account
• Interest from Deposit (Bank/Post office/Co-operative society)
• Interest from Income Tax Refund
• Family Pension
• Any other 
  
  
  

You can show the same as income from deposits (Bank/Post office/Co-operative society) and take the benefit of section 80TTA.

If you need any assistance in ITR filing, please let us know.

Show Rs. 7 lacs as interest from deposits and claim Rs. 50,000 in 80TTB.

Yes you can claim rent as deduction u/s 80GG but only upto 5000 per month.

You need to show FD interest as 7 lakh under income from other sources and then show 50000 in 80TTB so your net income would be 6.5 lakh. The method you are suggesting would show your net income at 6 lakh.

If you need any assistance feel free to contact.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hello,

Yes, you can claim deduction under Sec. 80GG within specified limits.

Declare interest income Rs. 7 Lacs under Interest on Deposits and claim deduction of Rs. 50,000 under Sec. 80TTB.

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

Hi

You are not eligible for 80gg deduction.

Reflect Interest income from FD in other sources income as 7 lacs and under deduction part ,fill 50000 under 80 ttb.

Hope it  helps

Hi,

Yes, you can claim rebate under section 80GG.

You need to show 7 lacs in interest from FD and show 50 thousand under 80TTA.