GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs. 1,000 p.m.
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Rs. 2,000 p.m.
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Rs. 3,000 p.m.
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Rs. 4,000 p.m.
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Detailed explanation-1: -80GG is a deduction under Chapter VI-A of the Income Tax Act, 1961. It has been introduced to provide relief to those individuals who do not receive any house rent allowance but are paying rent for the stay. Thus, an individual can claim a deduction for rent paid even if he or she does not get house rent allowance.
Detailed explanation-2: -Section 80GG of the Income Tax Act provides deductions related to house rent based on certain conditions. Some of these entail being an individual or a Hindu Undivided Family (HUF), being self-employed or salaried, etc. One of the most important tax deductions available to us is that on house rent.
Detailed explanation-3: -Yes, you can claim a deduction for rent paid up to INR 60, 000 even if you are self-employed provided all conditions are satisfied. Only an individual can claim deduction for rent paid under this section.