Are you living in a rental property and not receive any house rent allowance? Then this blog is going to be very important for you as in this blog we are going to discuss about tax benefits under the Income Tax Act Section 80GG for the people who are paying house rent and have not receiving any house rent allowance.
Section 80GG provides tax deduction offer for the people who do not receive any house rent allowance and live in a rental property, under Chapter VI-A of the Income Tax Act, 1961.
The eligibility for claiming tax deduction under Section 80GG for an individual are mentioned below:
For claiming the tax deduction under Section 80GG you need to submit a duly filled form 10BA via online platform.
The amount of tax deduction under Section 80GG is mainly based on Tax Rule 2A. A tax payer who is residing in a rented house can claim three kinds of deduction under Section 80GG, such as –
For claiming tax deduction, you need to submit a duly filled Form 10BA and in the process of filling the Form 10BA you are required to provide a number of information, such as,
Also read: Employees without HRA can get tax deduction on rent they paid
The Section 80GG is very helpful for those who are residing in rental property and do not get any home rent allowance. By providing the advantages of tax deduction it reduces the financial burden over tenant. Thus, you can claim this advantage if you are eligible for that.
I hope that I have been successful in giving an idea of the deduction that you can claim in your home rent via Section 80GG. Nevertheless, feel free to contact us via our mail address info@roodland.com. Your query will be handled with proper care by our specialists.
Roodland India ensures that you get the best service and do not make any mistake in taking any decisions related to real estates. Alright, this is all for today. We will meet soon with a new topic. Till then please share the article in social media platforms if you find it useful.