Retaired Person - Hra Deduction Details Of It
tax deduction for payment of rent subject to certain conditions. Firstly, your rent payment for the accommodation should be more than 10% of your income. Secondly, no one in your family— including you, your wife and minor children—should own a house in the city where you are living. Thirdly, you should not be receiving HRA from your employer. If these conditions are fulfilled, you will get tax deduction under Section 80 GG of the Income Tax Act of up to 25% of your income but not exceeding Rs 2,000 a month. You shall also be required to fill form no 10BA along with your tax return form
|
07-01-2008, 04:18 AM
Linear Mode
