Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Section 80GG allows a deduction for rent paid by individuals who do not receive HRA from their employer, subject to conditions and a cap.
If you pay rent but your salary has no HRA component, you can still claim a rent deduction.
Deduction is the least of: ₹5,000/month, 25% of total income, or rent paid minus 10% of total income. Requires Form 10BA and no self-owned house in the work city.
A freelancer paying ₹15,000/month rent with no HRA can claim up to ₹60,000/year under 80GG, subject to the formula.
If you pay rent but your salary has no HRA component, you can still claim a rent deduction.
Section 80GG helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.