Web15 Apr 2024 · Income Tax Section 80GG for Old Tax Regime FY 2024-24. 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. Web19 Jan 2024 · Section 80GG allows self-employed paying rent for the house to lower their tax outgo. However, in comparison to the HRA exemption tax benefit is minuscule. ThinkStock Photos According to section 10 (13A), a person is eligible to claim HRA tax-exemption as long as rent is paid for the accommodation.
Budget 2024: Will Budget 2024 bring tax relief on rent for self ...
Web(ii) House rent allowance [section 10 (13A) of the Act] (iii) Certain allowances [section 10 (14) of the Act] except the below allowance with some minor modification (a) Transport Allowance granted to a divyang employee to meet expenditure for the purpose of commuting between place of residence and place of duty WebSection 80EEA - Deduction on Home Loan for Interest Paid. Section 80EEA replaced Section 80EE in FY 2024-20. Under this section, homebuyers who purchased their first residential … batik 77 net
Income Tax Section 80GG for Old Tax Regime FY 2024-24
Web19 Dec 2024 · Under such circumstances, he can claim deduction under section 80GG discussed hereinafter. 2. Under section 80GG: ... The Explanation to section 10(13A) clarifies that the exemption under section 10(13A) shall not be available-1. If the residential accommodation occupied by the assessee is owned by him; in other words, an owner … Web21 Feb 2024 · A part of HRA gets exempted under Section 10 (13A) of the Income-tax Act, subjected to certain conditions. The amount of exempted HRA is deductible from the total income before arriving at a taxable income. Web21 Jan 2024 · Deduction under section 10(13A) and deduction under section 80GG will not apply if the assessee opts to pay tax under the new taxation regime. Important FAQ’s: I … batik 72