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Form 10BA is a declaration filed by the taxpayer to claim the deduction under section 80GG of the Income Tax Act for the rent paid on rental property.
This article focuses on how to file form 10BA before claiming deduction under Section 80GG.
Form 10BA is a statement documented by the taxpayer who needs to claim a deduction under Section 80GG for the rent paid on the rental property. The taxpayers have to satisfy two requirements to claim deduction under Section 80GG.
The requirements are:
If both of the above mentioned requirements are fulfilled, a taxpayer can present the statement in Form 10BA, and the form must be filed before filing the income tax return.
Section 80GG of the Income Tax Act, 1961 talks about the deduction for the rent paid on the rental property, whether furnished or unfurnished. The taxpayer must not receive any HRA (House Rent Allowance) from their organization. The condition mentioned above is a must for a taxpayer to claim deduction under the section.
The following are the conditions to claim deduction under section 80GG:
Example
Let us understand this concept through an example.
A person employed for the initial six months, and after, he started working as a freelancer. He stayed at a rented property for the whole year and took an HRA, and he does not have any self – owned property.
He can claim deduction under section 80GG and files Form 10BA for the last 6 months rent paid by him in the present case.
For an FY 2018- 19 or AY 2019 -20, the deduction under the section must be at least:
Here is a list of requirements to be fulfilled to claim a deduction.
List of ITR Form applicable under Section 80GG
The list of applicable ITR Forms under section 80GG are:
The expected date of filing an ITR is 31st July of the next FY.
Apart from the documents including Form 16 & the PAN details, the documents required to file form are:
Form 10BA is filed because it ensures that the landlord is not declaring the benefit of self-occupied home in the same or any other place.
From 10BA needs to be filed online through the e – Filing portal:
The steps to fill the form are:
The following details are required in Form 10BA:
Form 10BA is a statement that should be filed on the Income Tax website under the e – filing portal. The form is filed to claim deductions under Section 80GG of the Income Tax Act.
Thus, it is preferable to file Form 10BA before filing an ITR & claiming deduction from rent under Section 80GG.
Read our article:All about Section 12 of Income Tax Act, 1961
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