WebThis is known as the lock-in period. Buyers can claim deductions under both, Section 24 (b) and Section 80EEA, and enhance their total non-taxable income to Rs 3.50 lakh if they meet the eligibility criteria. However, deductions under Section 80EEA can only be claimed after exhausting the Rs 2-lakh limit under Section 24 (B). WebFeb 9, 2024 · Yes, a taxpayer can claim both HRA and deduction on Home Loan for interest and principle component if the specified conditions are met: ... The important point to keep in mind is in order to claim deduction u/s. 80GG, the assessee has to file Form 10BA prior to filing the ITR. FAQs.

Deduction under section 80GG of Income Tax Act - TaxGuru

WebIs Video mai mene How To Claim Rent Paid Or 80GG KI Deduction ke bare mai bataya haiIncome Tax Return भरने और ITR COMPUTATION तैयार करने के लिएनिचे ... WebNov 29, 2024 · Conditions to claim deductions under Section 80GG: 1. You are self-employed or salaried. 2. You have not received HRA at any time during the year for … hide interface tabletop simulator

How to claim deduction under section 80GG of Income Tax Act ... - Scripbox

WebSep 22, 2024 · The tax exemption she can claim under Section 80GG while filing her taxes is the lowest of: ₹60,000. 25% x ₹6,00,000 = ₹1,50,000. Actual annual rent minus 10% of income, which is ₹2,40,000 – ₹60,000 = ₹1,80,0000. Finally, the deduction Ms. Nair can claim under Section 80GG of ITA is ₹60,000. WebHowever, he can claim deduction u/s 80GG, which is mentioned in detail below. Can I claim both HRA and home loan interest deduction u/s 24? Yes. If you are paying rent and living city other than your owned house property city. No. If you are living in the same city where your owned house property is situated for which you have taken a loan. WebNov 27, 2024 · Thus, if you actually receive HRA, in many cases, your deduction under Section 10 (13A) will be far more than the ₹ 60,000 limit under Section 80GG. You can’t claim deduction under both sections. hide in tall grass