Income Tax House Rent Exemption U/s 80GG & 10(13A) With Automated All in One TDS on Salary for Govt & Non-Govt Employees for F.Y. 2018-19
Tax Exemptions/Deductions for House Rent Allowance (HRA) and Section 80GG
In
case you are in receipt of House Rent Allowance (HRA) from your
employer, you may avail exemption from the same while filing your ITR.
In case you are not in receipt of HRA and you are paying rent, then you
may claim tax deduction under section 80GG of IT Act, 1961 subject to
certain deductions.
Below are the important provisions regarding HRA and section 80GG
[A] HRA – In respect of HRA, the least of the following 3 is exempt from tax u/s 10(13A):
- 40% salary (50% in case of a metropolitan city);
- Actual HRA received from the employer during the period the rented house is occupied by the employee;
- The excess of rent paid over 10 percent of salary.
Note:
Salary for the purpose of HRA means – Basic + DA (only if forming part
of the salary for retirement benefits) + any fixed % commission on sales
turnover.
Download Automated All in One TDS on Salary Govt & Non-Govt Employees for the Financial Year 2018-19.
Main Feature of this Excel Utility are:-
1) Prepare automated Income Tax Computed Sheet
2) Individual Salary Sheet
3) Individual Salary Structure for both of Govt& Non-Govt Concerned
4) Automated H.R.A. Calculation U/s 10(13A)
5) Automated Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y. 2000-01 to F.Y. 2018-19
6) Automated Form 12 BA
7) Automated Income Tax Form 16 Part A&B
8) Automated Income Tax Form 16 Part B
[B] Section 80GG – Deduction for Rent Paid
In
case you are not in receipt of HRA and Rent free accommodation (RFA)
and you/your spouse/children do not own any residential property either
at the place of your work or residence, or if your spouse/children own a
residential property at any other place (but not the assessee), then
you can claim deduction for the rent paid as per sec 80GG under Income
Tax Act, 1961. The same is explained below:
Deduction (under sec 80GG) allowed is least of the 3 options below:
- Rs 2000 per month;
- Excess of rent paid over 10% of Adjusted total income
- 25% of Adjusted total income
Important Points regarding section 80GG:
- No
deduction if you are a member of a Hindu Undivided Family (HUF), and
the HUF owns a house at the place where you normally stay, work or
conduct business.
- You need to be paying rent, and for your own accommodation, not for your parents’ accommodation.
- You need to declare that you are paying the rent. This has to be done by filling out and filing from 10-BA.
- The
house is to be situated within specified municipal areas. However, all
major cities are a part of the specified municipal areas.
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